Canara Bank to charge Rs 60 a year for SMS alerts- Business News
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Canara Bank to charge Rs 60/year for SMS alerts

However, it said senior citizens, small savings account holders, basic bank accounts holders and financial inclusion savings account holders will not be charged the fee.

  • New Delhi,  September 10, 2013  
  • |  
  • UPDATED   17:04 IST
Canara Bank to charge Rs 60/year for SMS alerts

State-owned Canara Bank will charge Rs 60 per year to send SMS alerts to customers, beginning October.

However, the bank said senior citizens, small savings account holders, basic bank accounts holders and financial inclusion savings account holders will not be charged any such fee.

"We wish to inform that in line with the industry trend, our bank is compelled to charge Rs 15 per quarter per customer with effect from 1st October, 2013, for SMS services and those who have opted for SMS alerts," Canara Bank said in a notification.

In March 2011, the Reserve Bank of India had issued guidelines for banks to send online alerts to customers for all types of transactions involving the usage of cards, irrespective of the amount. However, RBI has not issued any guidelines on charging by banks to provide these alerts.

Among other state-owned banks, State Bank of India, IDBI Bank, State Bank of Patiala and Vijaya Bank also charge customers for sending SMS alerts.

With inputs from PTI