LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Explained: SBI charges for non-maintenance of monthly average balance, ATM withdrawal, Cash deposit

SBI Charges For Non-Maintenance of Monthly Average Balance, ATM withdrawal, Cash Deposit: The charges on various services offered by the State Bank of India (SBI) are among the 'lowest' in the country.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Explained: SBI charges for non-maintenance of monthly average balance, ATM withdrawal, Cash deposit
SBI has invested heavily in technological upgradation of systems for providing safe and secure banking facilities at any place in the country. Image: Reuters
Written By: ZeeBiz WebTeam
Updated: Wed, Dec 26, 2018
03:48 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
SBI Special Senior Citizen Scheme: GREAT RELIEF! State Bank of India makes retirement merrier for pensioners; check details at sbi.co.in SBI Special Senior Citizen Scheme: GREAT RELIEF! State Bank of India makes retirement merrier for pensioners; check details at sbi.co.in
SBI RD Calculator: Your Rs 1000 monthly savings can become Rs 1.59 lakh; check interest rate, penalty, other details at sbi.co.in SBI RD Calculator: Your Rs 1000 monthly savings can become Rs 1.59 lakh; check interest rate, penalty, other details at sbi.co.in
SBI: Forget Fixed Deposit (FD), PPF, EPF, post office schemes! This State Bank of India plan has delivered more than 22% return in last 5-years SBI: Forget Fixed Deposit (FD), PPF, EPF, post office schemes! This State Bank of India plan has delivered more than 22% return in last 5-years
SBI Share Price Outlook: Anil Singhvi predicts 4-digit figure for State Bank of India stock in this period SBI Share Price Outlook: Anil Singhvi predicts 4-digit figure for State Bank of India stock in this period
SBI share price to create history? Experts unveil this money making strategy as State Bank of India stock nears life-time high SBI share price to create history? Experts unveil this money making strategy as State Bank of India stock nears life-time high

SBI Charges For Non-Maintenance of Monthly Average Balance, ATM withdrawal, Cash Deposit: The charges on various services offered by the State Bank of India (SBI) are among the 'lowest' in the country, according to the public sector bank's managing director PK Gupta. He told news agency PTI that various services offered by SBI, including ATM transaction and cash deposits, come at a cost, but the charges have been kept low in the larger interest of customers. 

Why SBI charges you for non-maintenance of monthly average balance

Gupta said SBI has invested heavily in technological upgradation of systems for providing safe and secure banking facilities at any place in the country. Further, ATMs and cash points have been created across the country, thereby making huge investment for benefit and convenience of customers. "With substantial investment in infrastructure and technology, it becomes imperative for the bank to recover at least a part of the cost. Considering the improvement in the quality of facilities and services extended to customers, the requirement of MAB in savings bank accounts was re-introduced from April 2017,” he told the news agency.  Gupta further said charges on various services were reduced twice since last year. The first in October 2017 and then again in April this year. Gupta said, “Our charges are on the lower side when compared with the other private sector banks." 

60 per cent SBI customers exempt from charges! 

Gupta said 60 per cent of the total savings account holders, including no-frill accounts, students and minors are exempt from requirement of MAB. SBI also givers free services like 5 free ATM transaction and two cash withdrawal at branches. He requested customers to use the digital channels as much as possible, since the ATM operations are becoming costlier day by day. SBI also offers reward points for digital transaction. 

Watch this Zee Business news

#Exclusive | बाज़ार के लिए कैसा रहा साल 2018?
क्या उम्मीद रखें आने वाले साल से?
ग्लोबल टेंशन भारतीय बाज़ार पर कितना रहेगी हावी, जानिए ऐसे ही कई सवालों के जवाब हेलियस कैपिटल के समीर अरोड़ा से।

पूरा इंटरव्यू देखिए https://t.co/RGN7AbSbSj@AnilSinghviZEE @Iamsamirarora pic.twitter.com/N98gnXnzd5

— Zee Business (@ZeeBusiness) December 26, 2018

SBI charges for non-maintenance of monthly average balance

In April this year, SBI revised charges for non-maintenance of monthly average balance charges

*Source: SBI

SBI charges non-maintenance of monthly average balance: Exemptions

According to official website of SBI, the following customers don't need to maintain monthly average balance. 

- Financial Inclusion accounts including Jan Dhan accounts.
- No Frill accounts,
- Salary Package accounts,
- Basic Savings Bank Deposit accounts
- BSBDA- Small Accounts,
- Phela Kadam and Pheli Udaan accounts,
- Minors upto the age group of 18
- Pensioners of all categories
- Recipients of social security welfare benefits. (Direct Benefits).
- Students upto the age of 21 years.

SBI ATM transaction charges

- Domestic transactions at State Bank Group ATMs are free. 

- Domestic transactions at other Bank ATMs - Up to 5 transactions during a calendar month (for savings bank account only)

- Other Bank ATMs – Beyond 5 transactions(in Savings account) AND other than savings account are charges as follows: 

   Financial Transaction - Rs 17 (including service tax)

   Transaction decline due to insufficient balance: Rs 20 + GST

- Cardless Cash withdrawal at ATMs: R22 + GST

Non-Financial Transaction - Rs 6

SBI cash deposit charges

For Savings Bank (Including SURABHI Savings Bank account; Excluding Financial Inclusion account like Jan Dhan) Accounts: 

- No. of cash deposit transactions in a month - 3 transactions free
Beyond 3 Transactions in a month (Excluding Alternate channel transactions) - Rs 50 + GST per transaction

For current account: 

*Source: SBI

- Cash Deposit on Cash Points (Cash Deposit Machine – CDM & Cash Recyclers) - Anytime Channels

- By Debit Card to Card Linked account: Free

- Debit Card to Third Party account: ₹22 + GST

- Cardless Transactions: Rs 22 + GST

- SME insta Deposit/Business Debit Card: Rs 22 + GST

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
State Bank of IndiaSBI
RELATED NEWS
SBI Special Senior Citizen Scheme: GREAT RELIEF! State Bank of India makes retirement merrier for pensioners; check details at sbi.co.in SBI Special Senior Citizen Scheme: GREAT RELIEF! State Bank of India makes retirement merrier for pensioners; check details at sbi.co.in
SBI RD Calculator: Your Rs 1000 monthly savings can become Rs 1.59 lakh; check interest rate, penalty, other details at sbi.co.in SBI RD Calculator: Your Rs 1000 monthly savings can become Rs 1.59 lakh; check interest rate, penalty, other details at sbi.co.in
SBI: Forget Fixed Deposit (FD), PPF, EPF, post office schemes! This State Bank of India plan has delivered more than 22% return in last 5-years SBI: Forget Fixed Deposit (FD), PPF, EPF, post office schemes! This State Bank of India plan has delivered more than 22% return in last 5-years
SBI Share Price Outlook: Anil Singhvi predicts 4-digit figure for State Bank of India stock in this period SBI Share Price Outlook: Anil Singhvi predicts 4-digit figure for State Bank of India stock in this period
SBI share price to create history? Experts unveil this money making strategy as State Bank of India stock nears life-time high SBI share price to create history? Experts unveil this money making strategy as State Bank of India stock nears life-time high

LATEST NEWS

7th Pay Commission Latest News: How pensioners will benefit from DA, TA, salary hike for central government employees?—EXPLAINED

IIM-K placements: 100 per cent placement for IIM-K students! Average package Rs 22.5 lakh per annum

Stocks to buy with Anil Singhvi: Market analyst Vikas Sethi picks Mahindra EPC, Bandhan Bank for big gains

Amber Enterprises share price: Sharekhan retains Buy rating with a revised price target of Rs 3716

UPSC exam: Plea rejected by Supreme Court! No extra chance to these civil services exam aspirants

PLI scheme: Tapping India's manufacturing capabilities! Big step from Modi government to woo global players

Attention NEET 2021 candidates! Check expected exam date

Gujarat Municipal Election FINAL Result: PM Narendra Modi says Thank You Gujarat for big BJP victory in civic local body polls - Check corporation wise seat details here

Why home buyers are attracted to Greater Noida; here we explain

Big message! PM Narendra Modi says government has no business to be in business

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved