Many a times it so happens that if you draw a cheque in favour of someone, the cheque gets bounced for one reason or another. Most banks today levy certain charges from their customers in case a cheque bounce occurs. These charges towards a cheque bounce vary from one bank to another. Cheque bounce charges stipulated by SBI or State Bank of India, HDFC Bank and ICICI Bank vary depending on factors such as the reason and nature of cheque bounce. Cheque bounce charges levied by SBI, ICICI Bank and HDFC Bank are subject to GST or Goods and Services Tax.
If a cheque bounce occurs due to insufficient funds or signature mismatch, both the defaulter and the payee are charged by their individual banks. However, a bounced cheque can be redeposited.
Here's a comparison of charges levied by SBI, ICICI Bank and HDFC Bank in case of a cheque bounce:
SBI cheque bounce charges, as mentioned on the bank's website - sbi.co.in:
HDFC cheque bounce charges, as mentioned on the bank's website - hdfcbank.com:
ICICI Bank cheque bounce charges, as mentioned on the bank's website - icicibank.com
All the three banks also levy ATM and debit card charges.
If you fail to maintain minimum balances in your savings accounts with these banks, your are charged a penalty fee.
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