Several SBI customers have been recently complaining on social media that money has been deducted from their accounts for insurance premiums without their consent. One such user today (September 1) claimed that Rs 23,451 was debited from his savings account without his consent.
In recent weeks, many other SBI customers have shared similar grievances with the bank on X platform (formerly Twitter). (read here).
However, the bank has been maintaining that opting for insurance and other investment products is purely optional. Customers can register a complaint in case any transaction is done by the bank without their consent.
What SBI said
Replying to the above-mentioned complainant, SBI said, “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,” it added.
Where to raise a complaint?
SBI customers can raise a complaint against misselling of insurance policies or other investment products on the crcf.sbi.co.in portal.
“If you have come across any such instance, please register a complaint in this regard at this link https://crcf.sbi.co.in/ccf as Personal Segment/Individual Customer under category- General Banking>>Operation of Accounts>Disputed Debit/Credit Transaction and mention the brief details of the issue in the last column. Our concerned team will look into this,” SBI told the above customer.
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What you should keep in mind?
Misselling of insurance policies and some investment products like ULIPs and mutual funds has become very common in several banks. Customers should avoid such policies or products that they don’t need. In case, the bank has sold you such products without your consent, it is recommended to immediately raise a complaint with the bank or approach the RBI’s banking ombudsman.