List of Banks which started charging money for SMS alerts, mobile banking

borg drone wrote:*
As already mentioned, they can’t charge for transaction alerts. The charges are for other things things like regular balance alerts, etc. And all alerts by email are free. Its clearly mentioned, at least by HDFC..

are u sure bro that they cant charge for sms ? because the RBI link i shared above only says Banks must send sms. it does not say the SMS have to be free. can you share the HDFC link ?

Here is the exact wording by HDFC bank:

Charges Applicable for InstaAlerts

Effective 1st April 2013, customers registered for InstaAlert service with ‘SMS’ as the alert delivery channel, would be charged as follows:
Salary/Savings Account : Rs. 15/- per quarter
Current Account : Rs. 25/- per quarter
Please note:
Customers who have selected only ‘Email’ as the delivery channel for receiving InstaAlerts will not be charged.
Debit/Credit Card Transaction alerts sent as per regulatory guidelines and NetBanking transaction alerts do not form part of InstaAlert Service. Customers who are not registered for InstaAlert service will continue to get these alerts free of charge.
To make any changes in your current InstaAlert selection or to de-register for InstaAlerts, please log onto HDFC Bank NetBanking or visit your nearest Branch.
For any further clarification please contact PhoneBanking or visit your nearest Branch.
For FAQs on InstaAlerts click here

http://www.hdfcbank.com/personal/ways-to-bank/b…
***click on the link in “Fees” to reach the above text.

So don’t get misinformed by newspapers/mags and waste your money if all you want is tnx. alerts!

borg drone wrote:

Here is the exact wording by HDFC bank:



Customers who are not registered for InstaAlert service will continue to get these alerts free of charge.

http://www.hdfcbank.com/personal/ways-to-bank/b…

So don’t get misinformed by newspapers/mags and waste your money if all you want is tnx. alerts!

Good to see this option given by HDFC. Can somebody confirm if SBI is also having some similar option like this ?

^^^Since it is a regulatory requirement, it should be the same with all banks. Haven’t checked myself though, so can’t say with certainty.

our bank charges you for SMS alerts

Finance minister P Chidambaram told Parliament on Friday that there were five public sector banks that were charging for SMS alerts. But enquiries by TOI showed that it isn’t just the state-run players, even private banks such as ICICI and HDFC were charging customers.

While most banks have shifted to a paid SMS alert system only this year, others like IDBI and Vijaya Bank passed on the cost to customers as far back as 2010-11. In fact, the finance minister told Parliament that in 2010-11, IDBI Bank collected more than Rs 1 crore through SMS alerts, while Vijaya Bank received nearly Rs 30 lakh last fiscal.

In March 2011, the Reserve Bank of India had asked banks to send online alerts to customers for all transactions, but left it to banks whether or not to charge for it. Chidambaram said the government was not considering a proposal to withdraw the charge.

An executive at a private sector lender said his bank began charging for SMS alerts as mobile operators raised the fee for bulk message from 2 paise per SMS to 20 paise, making a free service “unviable”. Banks said they had sent out a message saying that the service would be charged but most consumers either ignored the SMS or did not respond — which was seen as a yes to being charged for alerts.

http://timesofindia.indiatimes.com/business/ind…

In fact, the finance minister told Parliament that in 2010-11, IDBI Bank collected more than Rs 1 crore through SMS alerts, while Vijaya Bank received nearly Rs 30 lakh last fiscal.

Imagine how much SBI will collect as it has already started this from last quarter

they deducted Rs. 17 from one account and later refunded Rs. 2 ……..

It should be a cost covering exercise rather than a profit generating one….

In March 2011, the RBI had issued guidelines for banks to send online alerts to customers for all types of transactions, irrespective of the amount, involving the usage of cards.
“RBI has reported that it has not issued any guideline on charging by banks for providing these alerts to their customers,” the Minister said.
He also said “no proposal is under consideration of the government to withdraw the charges levied by banks, for this purpose.”
Chidambaram said it is not compulsory for an account holder to provide a mobile number. If the mobile number is given and the customer wants SMS facility, the bank provides the alerts.
While SBI started charging for SMS alerts in April, PNB and SBP imposed it from July. The other two PSU banks have been levying a fee for alerts for the past few years.

http://www.business-standard.com/article/compan...

No more fixed charges now on.

marketdimer wrote:

http://www.business-standard.com/article/compan...

No more fixed charges now on.

Good Share Bro ……..

They refunded Rs. 2 on my wife’s account. Mine no refund. Rs. 17 gone. Also, shouldn’t the customer know in advance that the service is charged? Is it too much to intimate the customer about the charge, and give the option to continue or discontinue the service before charging?

I hate SBI! They never clarified my queries regarding some unknown transactions(both credit & debit). They also refused to refund the debit card charges for a card I never activated, or used, but issued to me.

how to stop sms charges in uco bank any idea?