refer to BPD Circular No. 23 dated 4th July, 2003 on the
2. It has come to our notice that some of the banks are
recovering service charges from the students of Educational
Institutions for the collection of their educational fees.
Since the collection of school fees by the bank is the
deposit of money on account of its client i.e. Educational
Institution, recovery of any charge from the students
is not justifiable.
3. All the Banks are, therefore, advised not to levy any
service charges for collection of fees from students of
Educational Institutions in any manner whatsoever.
Please acknowledge receipt.