Cheque Bounce is a situation where the payment made by cheque is not processed due to account balance or other technical reasons stated by Bank. If a cheque is bounced than additional amount is deducted from customers bank account referred as Cheque Bounce Charges. The amount varies from one bank to other bank. Here we will know SBI Cheque Bounce Charges.
Before we start with SBI service charges, it is necessary to know how a cheque bounce occurs. There are many reasons Cheque Bounce in SBI as per the criteria and conditions defined by them. Customers should be aware of these reasons before making Cheque payment in SBI in order to avoid extra charges. Some of the reasons are given below
SBI Dishonoured Cheque Charges and Reasons
One of the major causes of cheque bounce is insufficient balance. This happens if the amount mentioned on cheque is more than the available account balance. In such cases the cheque is referred as Dishonoured Cheque and extra amount is deducted from your Account.
- This is a common cheque bounce problem, but there are some technical reasons that may result in cheque not being paid. This includes
- If the cheque is deposited before the date that is mentioned on cheque then it result in a post-dated cheque
- If the signature on cheque is different from other than the records in Bank
- If you have not written any date on Cheque then it could also cause Cheque bounce
Cheque Bounce Charges in SBI
If any if the above problem occurs the cheque gets bounced. Charges of Cheque Bounce in SBI
- Cheque Returned Charges for Cheque drawn on bank due to insufficient balance: Rs.500+ GST
- Cheque Returned Charges if Cheque Bounce occur due to technical reasons: Rs.150+ GST
However, proper verification is done before validating the cheque bounce incident and only then the charges are deducted. So customers should be careful while making cheque payment in SBI.