SBI saving accounts: SBI average monthly balance revised; you need to this maintain this much - check penalty
Country's largest lender, State Bank of India provides a savings bank account facility from anywhere and anytime. With the largest branch and ATM network, Internet Banking, Mobile Banking and Tele Banking platforms, the SBI ensures that subscribers can access their account 24x7. However, subscribers are required to ensure that they maintain a minimum balance in their savings bank accounts. 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.
The SBI branches are classified into rural, urban, semi-urban and metro categories, and its savings account holders are required to maintain a monthly average balance according to the categories.
Under the revised rules,SBI has reduced the minimum average monthly balance requirement for urban centres from Rs 5,000 to Rs 3,000. This will come into effect from October 1. Which means if the account holder fails to maintain the Rs 3,000 as average monthly balance and falls short by 50 % (that is Rs 1,500) then the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 75%, it will invite a fine of Rs 15 plus GST to the account holder.
For semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000 respectively. In rural branches, the minimum average monthly balance will be Rs 1,000 from 1st October. If the shortfall is less than 50% for semi-urban branches, then the extra charge will be Rs 7.50 plus GST. For between 50-75%, the fine is Rs 10 plus GST and for above 75% shortfall, the charge will be Rs 12 plus GST.
In the case of rural branches, if the AMB has a shortfall of less than 50%, charges are Rs 5 plus GST. For shortfall of over 50% up to 75%, the fees charged will be Rs 7.50 plus GST, while shortfall over 75% will attract fine of Rs 10 + GST.
As per the reports, the National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) charges are also set to change. However, NEFT and RTGS transactions through digital means are free, fees are imposed at branches.
NEFT transaction up to Rs 10,000, will invite Rs 2 plus GST charges. For a transaction above Rs 2 lakh via NEFT, the bank will charge the holder Rs 20 plus GST.
For RTGS transfer between Rs 2 lakh to Rs 5 lakh, a customer must pay Rs 20 plus GST. RTGS transfer above Rs 5 lakh will be charged Rs 40 plus GST.
As per the new charges on Deposits and Withdrawals, cash deposits in a savings account will be free for up to 3 transactions in a month. After which the account holder will be charged Rs 50 plus GST for every transaction.
The maximum limit for deposit of cash at the non-home branch is Rs 2 lakh per day. Thereafter, the non-home branch manager gets to decide if the bank can accept more cash.
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Meanwhile, account holders with an average monthly balance of Rs 25,000 can perform free cash withdrawal twice a month. Those with average monthly balances between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawals. Charges for transactions beyond the free limit are Rs 50 plus GST.
For above Rs 50,000 up to 1,00,000, the charges are Rs 15 plus GST, while those above Rs 1,00,000 have unlimited transactions.