SBI bans cash deposit into others’ accounts

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The State Bank of India (SBI) has made few changes to reduce fraudulent transactions.

As per a new rule, one will not be able to deposit cash into another person’s account.

The rule prohibits even the family members of an account holder to deposit cash in his/her account.

The rule applies only to those who want to deposit cash into an account from a branch. It does not affect online cash deposits.

If a person wants to deposit cash in the account, the account holder will have to give a written permission.

After the demonetisation, several fraudulent transactions with some cases of money being deposited into accounts without account holder’s consent. Thus, SBI has taken this decision to curb fraudulent transactions

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