I recently set up a new SIP and I see two charges on my bank statement related to NACH. Was I charged twice for the registration, and how can I confirm this?
It is highly unlikely you were charged for the NACH registration itself, as this is a free service offered by almost all banks in India. The charges you are seeing are almost certainly penalties for two separate failed NACH payments (also known as returns or bounces). The only way to verify this definitively is to check your detailed bank account statement.
The ‘Zero Cost’ for NACH Mandate Registration
I was discussing this with a banker, and he confirmed that the process of registering a new NACH mandate for a SIP or a loan is a free service. Banks do not charge their customers for setting up a new auto-debit instruction. Therefore, a charge appearing on your statement is not for the registration itself.
The Most Likely Source of the Charges: NACH Returns
My friend saw two NACH-related charges on his statement and had the same confusion. He was worried he was charged twice for setting up one SIP. When we looked at his bank statement together, we saw that the transaction description for both debits was ‘NACH Return Charges’. This confirmed that these were not for registration, but were penalties for two separate automated payments that had bounced due to insufficient funds in his account.
How to Verify the Charges in Your Bank Statement
I showed my friend how to get the correct and official information. He had to log into his internet banking portal and download a detailed account statement for the month. The ‘Narration’ or ‘Description’ column in the statement for each debit is the most important part. It will clearly specify whether the charge was for a “Return” or something else. This is the only way to get a definitive answer.
What to Do If You Still Believe It’s an Error
The banker’s advice was very clear. If, after carefully checking the transaction description in your statement, you still believe the charges were for a single registration and have been applied in error, your next step is to file a formal dispute. You should call your bank’s customer care or visit the branch with a copy of your statement to register a complaint.
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