RBI guidelines for credit and debit messages

[#aniket]

Same Guy, I guess referral of AU is more than Kotak

So basically they said Kotak is best if one don't need Physical Debit Card, in other hand, AU is best if one need physical debit card, because Kotak Physical DC charges>AU DC.

Fair enough, though it depends upon the need and usage of a person.

 

[Gaara]

So basically they said Kotak is best if one don't need Physical Debit Card, in other hand, AU is best if one need physical debit card, because Kotak Physical DC charges>AU DC.

Fair enough, though it depends upon the need and usage of a person.

And here I am, holding a 7-year-old Kotak account, yet without a physical debit card. 😁

 

[#aniket]

And here I am, holding a 7-year-old Kotak account, yet without a physical debit card. 😁

Same here, but it's been not so long as you.😉

 

[NShah]

So basically they said Kotak is best if one don't need Physical Debit Card, in other hand, AU is best if one need physical debit card, because Kotak Physical DC charges>AU DC.

Fair enough, though it depends upon the need and usage of a person.

Au Rupay Platinum dc deta hai Digital account ke sath to ye zyada beneficial hai

 

[MrJJ]

Kotak 811 is best charges wise. No charges at all, none.
Zero MAB.
No annual charges.
NEFT and IMPS is also free.
DC Charges only if you opt for Physical Card. Virtual Debit Card in the app is free.

 

[#aniket]

Kotak 811 is best charges wise. No charges at all, none.
Zero MAB.
No annual charges.
NEFT and IMPS is also free.
DC Charges only if you opt for Physical Card. Virtual Debit Card in the app is free.

Exactly, I meant the same.

Another drawback for some people can be, limitation of amount for cash withdrawal and cash deposit, free of cost.

 

[its_karan]

So au is step sister of axis Bank

Bhai yeh kya boldiya apne

 

[#aniket]

Guys I had opted out of SMS banking service of AU BANK as 18 rs were applicable on it.
From that time I have stopped getting credit and debit messages from Bank.
According to best of my knowledge the messages for credit and debit is provided free of cost as per some guidelines of RBI.
Please provide document of this RBI guidelines.

Do you have also subscribed for daily closing balance or weekly balance or sth else other than transactions alerts Dr. & Cr.?

As per AU,

- Alerts that have been mandated by RBI as well as alerts
which are deemed appropriate by the Bank, will be sent free of charge.

- AU charge 30 ps. per SMS charge, max cap at
INR 15/quarter (only non-mandatory SMS).

 

[VISHESH_BANSAL]

Guys I had opted out of SMS banking service of AU BANK as 18 rs were applicable on it.
From that time I have stopped getting credit and debit messages from Bank.
According to best of my knowledge the messages for credit and debit is provided free of cost as per some guidelines of RBI.
Please provide document of this RBI guidelines.

RBI had directed banks to send mandatory SMS alerts for transactions through debit card, for ATM cash withdrawals, NEFT and RTGS transactions once funds are credited in the beneficiary account; and these are non-chargeable. Alerts for all other transactions are chargeable under RBI rules.


You can cross check, you must be receiving Mandatory Txn Alerts as defined Above.

 

[#aniket]

RBI had directed banks to send mandatory SMS alerts for transactions through debit card, for ATM cash withdrawals, NEFT and RTGS transactions once funds are credited in the beneficiary account; and these are non-chargeable. Alerts for all other transactions are chargeable under RBI rules.


You can cross check, you must be receiving Mandatory Txn Alerts as defined Above.

Alerts for all other transactions, by saying this what you meant?

Alerts (Dr. Or Cr.) through UPI, IMPS, Cheque deposited etc. are chargeable? I am asking because these are excluded by stating all others, by you.

 

[#aniket]

So basically they said Kotak is best if one don't need Physical Debit Card, in other hand, AU is best if one need physical debit card, because Kotak Physical DC charges>AU DC.

Fair enough, though it depends upon the need and usage of a person.

If it's the case no doubt, Kotak is best than AU, no need to have physical DC mandatorily and hence no need to pay any charges, since virtual DC is LTF.

 

[VISHESH_BANSAL]

Alerts for all other transactions, by saying this what you meant?

Alerts (Dr. Or Cr.) through UPI, IMPS, Cheque deposited etc. are chargeable? I am asking because these are excluded by stating all others, by you.

Yes if Bank want to exclude all other alerts except Mandatory they can but what to include in Alerts Other than Mandatory is totally depends Bank to Bank

Like AU mentioned "Alerts
which are deemed appropriate by the Bank, will be sent free of charge".
Similary other Banks too added same Clause

Axis even Stopped UPI Facility when I Decativated SMS Alerts and When I login into Mobile App, Mobile App Do not Fetch my Savings Account🤣

But I receive Alert for Debit Card Txns as it is mandatory

 

[varun__goel_]

If it's the case no doubt, Kotak is best than AU, no need to have physical DC mandatorily and hence no need to pay any charges, since virtual DC is LTF.

It can be activated without getting DC. Just have to get connect with them via their video banking facility.

Blocking DC won't affect the nb/mb

 

[fageriaji]

Why everyone is running after AU and kotak ?
I have SBI and ICICI zero balance account without any DC and sms charges.
1 year ago opened account in HDFC with preferred banking and now Imperia without any charges of DC and sms

 

[#aniket]

Yes if Bank want to exclude all other alerts except Mandatory they can but what to include in Alerts Other than Mandatory is totally depends Bank to Bank

If so RBI is at fault on consumers protection right. No clear instructions was found by me, though asked to levy charges on usage basis which should be applied to every customers.

Also, it was instructed to give mandated alerts to every banking transactions through one notification/circular.

Like AU mentioned "Alerts
which are deemed appropriate by the Bank, will be sent free of charge".

Yes, I had conveyed him the same. He can ask for clarification, the defination of mandated alerts prescribed by RBI and appropriate required alerts from AU. And then later aruge and raise complaint, if it was charged unnecessarily.

Similary other Banks too added same Clause

Ohh, I don't have many banking relations.
So, I wasn't bothered to enquired, even searched for him regarding AU T&Cs.

Axis even Stopped UPI Facility when I Decativated SMS Alerts and When I login into Mobile App, Mobile Do not Fetch my Savings Account 🤣

WoW, Axis work differently 😑 and we all are aware about its charges. 🤣 Axis has some high level expertise on charging customers for this and that 😂 in whole banking industry.

But I receive Alert for Debit Card Txns as it is mandatory

I recieve almost every transaction alerts
from Kotak (UPI, DC, CC, ATM, Cash/Cheque Deposit and others) without any charges since these alerts are mandatory to be sent.

Charges are applicable only one who subscribed for daily and weekly alerts, which is optional and by default off.

 

[#aniket]

It can be activated without getting DC. Just have to get connect with them via their video banking facility.

Ohh, I see. 👀

Blocking DC won't affect the nb/mb

And what about UPI?

 

[varun__goel_]

Ohh, I see. 👀

And what about UPI?

They provide facility to activate upi via aadhar

 

[Cc_creditguy]

Never i gave charges.

But u didn't do 95k funding thing .for me
It was do 10k fd get card & zero balance account..
But i never did fd. Still zero balance 😁.

Now while applying cc they are giving zero balance account to NTB ppl

Can we able to open that acc but can't able to open , how to open guide bro

 

[#aniket]

They provide facility to activate upi via aadhar

I thought, AU is not live still based on his post.😂 Thank you for clarification.
But it's.

 

[Vasuki]

Can we able to open that acc but can't able to open , how to open guide bro

Can't open .. that variant was recalled back long ago