SBI: Has money been deducted for insurance from your SBI savings account without your consent? Here's what you should do soon

Bank accounts offer a lot of advantages to customers. But if individuals fail to keep a regular check on their bank balance, they can remain unaware about the various charges being debited from their account. In recent times, a lot of bank account holders, including those with the State Bank of India (SBI), have complained about the lender charging unnecessary premiums for insurance schemes without their consent. Ranging from government schemes to other policies, banks are reportedly debiting insurance premiums for these schemes from accounts without the customer's prior consent.

Recently, a user took to social media platform X (formerly known as Twitter) and claimed that more than Rs 23,000 was debited from his savings account in the name of insurance premium.

The bank was quick to reply and maintained that opting for insurance and other investment products is purely optional and customers can also register complaints if such transactions happen without their consent.

Notably, the customer was not the only person to make such a complaint. Another SBI account holder also shared a similar post claiming that he was debited for Rs 436 in the name of insurance premiums.

Money for insurance scheme deducted from SBI account

A customer accused the SBI of debiting insurance premiums amounting to Rs 23,451. In response, the public sector lender wrote, "Kindly note that opting for insurance and other investments is purely voluntary and our branches provide the information for the benefit as well as awareness of our customers. We maintain high standard of ethics while providing services to the customers and no transaction is done in the account of the customer without his/her consent. Also note that any type of insurance or investment is not mandatory to avail any type of service from us."

Kindly note that opting for insurance and other investments is purely voluntary and our branches provide the information for the benefit as well as awareness of our customers. We maintain high standard of ethics while providing services to the customers and no (1/3)

— State Bank of India (@TheOfficialSBI) September 1, 2023

What to do if insurance money is deducted without permission?

Customers facing such a difficulty can raise an issue with the State Bank of India's complaint portal at crcf.sbi.co.in/ccf. They can follow these steps to register their complaint.

1. First, choose 'Raise Complaint'.

2. Choose 'Personal Segment/Individual Customer' under the category of General Banking.

3. Next, under the section of 'Operation of Accounts', select between 'Disputed Debit' and 'Credit Transaction'.

4. Mention the brief details of your issue in the last column.

After the complaint is filed, the concerned team will look into the matter.

Alternatively, individuals can take their complaint to the Reserve Bank of India’s Ombudsman. This can be done using the official website cms.rbi.org.in.