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Banks which don’t charge on defaulting SIP

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22 Oct, 2022 by  Shubham Kajaria

Which banks in India do not charge any fee for defaulting SIP? Sorry it’s not about Insurance but help me if you have any idea, if it is neo banks, then what are the pros and cons?


Thanks :)

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25 Oct, 2022
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I haven't seen any client getting charged for sip bouncing within the private banking space....if you've had first hand experience, please share the bank name and we can get the details for you...i m guessing it to be a PSU bank as sometime back we noticed clients getting charged for setting up auto debit mandate as well..

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25 Oct, 2022
Shubham Kajaria
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25 Oct, 2022
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Yes, in the public sector space, banks are charging for bounced SIPs to be equal to the bounced cheque.

For salary accounts with Private banks, there are no charges

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25 Oct, 2022
Shubham Kajaria
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Hi Shubham


Almost all bank charges for SIP or mandate bounce as of now, the only difference is amount they charge vary from bank to bank, Personally we don't have any idea about neo bank on this categorically as you asked.

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