Banks to charge reasonable fee for SMS alerts from their customers
By Joseph Samson
Oct 30, 2013
Print    Email    RSS   

Today the banks were told by the RBI to charge their customers for the SMS alerts facility based on the usage of the customer. They also told them to consider a fixed monthly fee which was reasonable.

As per the Monetary Policy Second Quarter Review for 2013-14, of the Reserve Banks of India, it stated that the banks need to enhance their technology that is with them as well as the telecom providers, ensuring that the charges for the SMS are based on usage basis.

The RBI on March 2011 had placed certain guidelines on the alerts that the customer's got online from the banks. This was including all the different types of transactions that were involved, irrespective of what the amount was. In contradictory, there were no rules set by the Central bank towards their customers for such alerts. State Bank of India has already imposed a fee for the SMS alerts. The charge was Rs.60 annually.

(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Home Loan or Own Funds: A Classic Dilemma
If the interest rate is same, how do you...
NRI Home Loan: A friend for the non-residents
Mortgage insurance’s relevance in India
Carnival of Indian Personal Finance Blogs #3

how can I can my Provisional Home Loan Certificate...
How can I get my Home loan provisional certificate...
PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive