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New SBI service charges to roll-out from October 1

By IANS Updated: Sep 12, 2019 11:52 pm

Mumbai, Sep. 12 (IANS): The State Bank of India will revise service charges for deposits and withdrawal on October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways.

On maintenance of average monthly balance (AMB), starting October 1, SBI has reduced the minimum average monthly balance requirement for urban centers from INR 5,000 to INR 3,000.

Under the revised rules, if someone does not maintain INR 3,000 as average monthly balance and falls short by 50 per cent (that is INR 1,500) the individual will be charged INR 10 plus GST.

If the account holder falls short by more than 75 percent, it will invite a fine of INR 15 plus GST.

In semi-urban branches, SBI account holder needs to maintain an average monthly balance of INR 2,000. In rural branches, the minimum average monthly balance will be INR 1,000.

If the shortfall is less than 50 per cent for semi-urban branches, then the extra charge will be INR 7.50 plus GST. For between 50-75 per cent, the fine is INR 10 plus GST and for above 75 per cent shortfall, the charge will be INR 12 plus GST.

In case of AMB of INR 1,000 at rural branches, a shortfall of less than 50 per cent , charges are INR 5 plus GST. For shortfall of over 50 per cent up to 75 per cent, the fees will be INR 7.50 plus GST, while shortfall over 75 percent will attract fine of INR 10 + GST.

National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) charges are also set to change.

While NEFT and RTGS transactions through digital means are free, fees are imposed at branches.

NEFT transaction up to INR 10,000, will invite INR 2 plus GST charges. For a transaction above INR 2 lakh via NEFT, the bank will charge INR 20 plus GST.

For RTGS transfer between INR 2 lakh to INR 5 lakh, a customer must pay INR 20 plus GST. RTGS transfer above INR 5 lakh will be charged INR 40 plus GST.

As per the new charges on Deposits and Withdrawals, cash deposits in savings account will be free for up to 3 transactions in a month. After that, the account holder will be charged INR 50 plus GST for every transaction.

The maximum limit for deposit of cash at non-home branch is INR 2 lakh per day. Thereafter, the non-home branch manager gets to decide if the bank can accept more cash.

Meanwhile, account holders with an average monthly balance of INR 25,000 can perform free cash withdrawal twice a month. Those with average monthly balances between INR 25,000 to INR 50,000 can avail 10 free cash withdrawala. Charges for transactions beyond the free limit are INR 50 plus GST.

For above INR 50,000 up to 1,00,000, the charges are INR 15 plus GST, while those above INR 1,00,000 have unlimited transactions.

By IANS Updated: Sep 12, 2019 11:52:36 pm