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!
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!
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