Need Help on RBI Rules for Notifying Account Holders About Charges & Insufficient Funds

[mauleek]

Hello everyone,

I need help in finding the relevant RBI notification or guidelines regarding banks notifying account holders about charges and insufficient funds.

I had started six SIPs through the Groww app, which were supposed to be debited from my SBI account (my main operational account). However, I forgotten set up the mandate using my Axis Bank account like year ago. As a result, from November 2024 to January 2025 (for three months), Axis Bank has been charging me ₹500 + GST per SIP for insufficient funds (NACH/ECS return charges). Since I have six SIPs, the total charge each month amounts to ₹3,250 totalling to ₹9750 for three months.

My concern is that I never received any notification from Axis Bank regarding these charges or the return of NACH/ECS transactions. The bank silently kept charging me fees without informing me.

If anyone can provide an RBI notification or rule stating that banks must notify customers about such charges or failed transactions, it would help me in raising a dispute with Axis Bank.

Looking forward to your guidance. Thanks in advance!

 

[MMRaza]

Better to ask this to AI or Google it . You'll find more helpful answer there . I also don't know any RBI Rules regarding your concern, But this Silently Charging is definitely a Violation of RBI GUIDELINES . So better to ask for refund from axis Bank Customer care then nodal officer then finally Principal Nodal Officer in writing. Better to communicate with axis Bank in writing only , and Even after one month if you are unsatisfied with the bank then can raise your Concern to RBI BANKING OMBUDSMAN. From there you can get your refund easily if it's a Violation of RBI GUIDELINES. Hoping this can help a little bit.