Rs 118 Debited From BOI Account – How to Avoid it?

Rs 118.00 has been debited(TRF) NACH MANDATE REG CHRG in your Ac XXXX on DD/MM/YYYY— if you received a message like this recently and wondering why it was cut, this article is for you.

While there are different charges you might need to pay monthly, quarterly, yearly or just for once as an administrative charge, penalty, or platform fee— this 118 rupee charge can be avoided. Follow the tips mentioned in this article to save your account from getting marked for another charge like this.

Why BOI Charged 118 rupees in Your Saving Account?

There is a process called NACH (National Automated Clearing House) that’s set up by NPCI. Whenever you opt for an EMI to repay any loan or any purchase amount, your account gets registered for NACH. As a registration fee, 118 rupees are being deducted from your BOI savings account.

This is a one-time charge for each payment. For example, you buy a phone and opt for EMI payment. Then, you get registered for a SIP in a mutual fund with monthly online payments. For each of these two payments, 118 rupees from your BOI saving account will be deducted, twice.

So, this NACH registration depends on the number of monthly payments you have, not directly on your account. It would deduct the EMI amount on a fixed date of each calendar month until the due is fully paid.

Secondly, this charge could be for your ATM/Debit card in the Bank of India. If your message looks something like—
BOI – Rs 118 Debited(TRF) ATM Card Maint Charge-Diff GST in your Ac XXXX on DD/MM/YYYY, then it’s for the card.

According to the latest revisions, the Bank of India charges rupees 295 (Charge 250 rupees +18 % GST) as an annual maintenance charge for your Debit/ATM card. For some users, initially, 177 rupees were deducted. Now, the balance charge (i.e. rupees 118) is being deducted. Hopefully, next time 295 rupees will be deducted at once so there will be no confusion.

How to Avoid 118 Rs charge in BOI Account?

Now, if you want to avoid 118 rupees being debited from your BOI savings account, you can cancel your NACH registration. You need to go to the official website of NACH and visit the NACH mandate cancellation tab. Enter your registered mobile number for the OTP and then enter the account details. Your BOI account will be opted out of NACH registration.

While you drop out of NACH, there are a few options to pay the EMI manually. You can request the lender to send a payment gateway to your email or mobile number. You can also use some online platforms. In these cases, you need to remember the due date and pay the due EMI within the specific time.

On the other hand, visit BOI’s internet banking account. Go to ATM card services and block the card. In this way, you don’t have to pay the annual maintenance fee for the debit card. However, this is only possible if you’re not actually using the card. Otherwise, the maintenance fee can’t be avoided.

Conclusion

In this article, all your doubts regarding 118 rupees deduction is being discussed. Note that, if you cancel your NACH registration, whether or not the mandate registration fee is refunded depends on different parameters. You can contact the bank’s customer care or visit the branch for more details.