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SBI Charges Fee on Payments Through Cheques
April 24, 2017
In a move that is likely to disincentivize cheque payments, SBI has decided to charge a processing fee on payments made through cheques. This rule has been into effect from April 1 onwards.
According to the SBI’s official website, the customers making payments made via cheques of amounts equal to or below Rs. 2,000 will have to pay Rs. 100 extra. However, for cheque payments that are higher than Rs. 2,000 there will be no extra fee.
SBI Card CEO Vijay Jasuja said that currently more than 90 % of the payments are made by non-cheque modes, and there are a large number of disputes with small cheque payments. Thus, this move will encourage digital payments, smoothen the process, and limit disputes.
