RBI SMS Charge Relief: Relief to bank customers, now SMS charge will not have to be paid, know the new rule of RBI
RBI SMS Charges Rule: According to the new order of the Reserve Bank of India (RBI), now banks cannot charge money from their customers for important and promotional SMS. These include information related to bank rules, awareness messages and SMS containing advertisements.
New Banking Rules Update: A relief news has emerged for bank customers. Recently RBI has made a big announcement, under which it will be mandatory for all government and private banks of the country to follow this rule. This step of RBI may prove to be a relief for bank customers, but it may have a direct impact on the earnings of banks. As per RBI instructions, banks will no longer charge some SMS charges from their customers. This means that now customers will not have to pay for selected SMS alerts sent by banks.
SMS is now absolutely free
According to the new order of the Reserve Bank of India (RBI), now banks cannot charge their customers for essential and promotional SMS. These include information related to bank rules, awareness messages and SMS containing advertisements. Earlier, almost all banks used to charge a fee of Rs 15 to 18 from their customers every three months in the name of expenses for these messages, which will now be stopped completely.
SMS is no longer mandatory on small transactions
Under the new rules of RBI, it will no longer be necessary for banks to send SMS alerts on transactions of Rs 500 or less. Banks can now use other digital methods like email or app notifications instead of SMS to provide information about such small transactions. Despite this, big private banks like HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank will not stop this service. These banks believe that sending SMS immediately increases customer confidence and helps in preventing online fraud.
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Banks incur huge losses due to end of SMS charges
According to experts, banks will suffer huge financial loss due to stopping of SMS charges. For example, a big bank with 5 crore customers may suffer a loss of income of about Rs 360 crore every year. However, banks can no longer recover SMS money directly, so they can compensate this loss through other means. For this, banks can increase your account maintenance charge, penalty for not maintaining minimum balance or other service fees.
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