You may have made a payment by cheque to someone, and you are astonished to see that there is a cheque bounce charge being cut from your account. There are various reasons for which such an instance of the cheque being bounced or Returned can happen. Let us know the reasons first, and then we will also make us aware of the Bounce charges in sbi that need to be paid.
Reasons that lead to cheque to be bounced
There are certain reasons when a cheque given by you may be dishonored by your State Bank of India. Let us have a look at the reasons.
Insufficient funds: This is the most common reason for a cheque being dishonored. Let us make us clear with an example. Suppose you have Rs. 10,000.00 in your SBI account.
Now, if you provide a cheque to someone of value Rs. 15,000.00 then the cheque will be dishonored by your bank. The reason for such non-refusal to pay the cheque is not having sufficient fund in your SBI account.
Technical reasons: There may be some technical reasons also which may lead to cheque being not paid by SBI. The technical reasons may be:
- Mismatch of the signature that you have made in the cheque with the signature that is provided by you while opening the account in SBI.
- Not providing any date on the cheque.
- If the cheque is deposited before the date that is mentioned in the cheque. This type of a cheque is called post-dated cheque.
Other reasons: There may be other reasons also which may lead to a cheque being bounced. There may be a failure in the cheque transaction link or power failure. These reasons do not have your immediate involvement as some other reasons may be the cause of such incidents to happen.
So, we can see that all the reasons are not directly linked to you. There are other reasons as seen which do not have your control to be made right.
The Bounce charges that have to be paid
There are certain charges that you need to pay when a cheque given by you bounces. As all the reasons are not dependent on you, you do not need to pay the penalties for every cheque that bounce. Let us see the charges in detail:
- If the Cheque bounces for insufficient funds, then you have to pay Rs. 500.00 +GST.
- If the cheque bounces for other technical reasons, then you have to pay Rs. 150.00 +GST.
- If it is seen that you are not at fault according to the RBI guidelines layout, then you do not have to pay any charges.
So, you are now aware of the cheque bouncing charges. Bouncing of cheque due to insufficient funds does not only draw in financial penalties but may even lead to legal actions being taken against you due to fraudulent activity.
So, avoid making a cheque of yours to return due to insufficient funds and avoid such untoward incidents.