In a bid to curb fraudulent transactions, the State Bank of India (SBI) has made certain changes in the rules governing cash deposit into accounts. As per a new rule, one will not be able to deposit cash into another person’s account.
Reports say that the rule prohibits even the family members of an account holder to deposit cash in his/her account. The rule is likely to affect millions of SBI customers.
The SBI is said to have taken this decision after several cases of fraudulent transactions came to fore following the demonetisation.
The rule applies only to those who want to deposit cash into an account from a branch. It does not affect online cash deposits. For another person to be able to deposit cash in the account, the account holder will have to give a written permission. Once the duly filled form authorised by the account holder is produced, then anyone can deposit cash into a particular account.
During the demonetisation, several fraudulent transactions with some cases of money being deposited into accounts without the account holder’s consent came to the fore. SBI has taken this decision in the wake of these transactions.
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