Updated By: LatestGKGS Desk
SBI Bank New Changed Rules for Depositing Cash In Others’ Account
SBI Bank New Changed Rules: Now Not Easy To Deposit Cash In Others’ Account: Details, Highlights
In a move to restrict fraudulent transactions, the State Bank of India (SBI) has made certain changes in the rules related to cash deposit into accounts.
As per a new rule of SBI, one will not be able to deposit cash into another person's account.
As per SBI rules, it 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.
As per SBI rules, it applies only to those who want to deposit cash into an account from a branch. It does not affect online cash deposits.
In case, another person wants 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 into the picture. SBI has taken this decision in the wake of these transactions.
