SBI service charges changed from today: Penalties, cash withdrawals to NEFT, here is everything that's new; check full list
The SBI has introduced several changes for its bank account holders from October 1, i.e. today. The State Bank of India (SBI), country's largest bank has revised service charges including fee for non-maintenance of average monthly balance (AMB), cash withdrawal from SBI branches and cash deposit transactions.
The SBI has introduced several changes for its bank account holders from October 1, i.e. today. The State Bank of India (SBI), country's largest bank has revised service charges including fee for non-maintenance of average monthly balance (AMB), cash withdrawal from SBI branches and cash deposit transactions. All the changes will come into effect from today. The bank allows certain amount of cash deposits and withdrawals to its account holders, exceeding which, it charges penalty. Also, the customers are supposed to maintain an average monthly balance (AMB), depending upon the specific branch. Here is a look at everything that has changed -
1. Non-maintenance of average monthly balance (AMB)
SBI has categorised accounts into three categories - metro and urban centre branches, semi-urban centre branches and rural centre branches. It asks customers to maintain certain amount which varies from branch to branch. Under the revised rule, if someone does not maintain Rs 3,000 as AMB in metro and urban centre branches, and falls short by 50 per cent, the individual will be charged Rs 10 plus GST. In case the customer falls short by more than 50-75 per cent, he or she will end up paying Rs 12 plus GST. If the account holder falls short by more than 75 percent, it will invite a fine of Rs 15 plus GST.
Metro & Urban Centre branches
AMB of Rs 3000
Shortfall <=50% ₹10 +GST
Shortfall >50 –75% ₹12 +GST
Shortfall > 75% ₹15 +GST
In semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000.
Semi-Urban Centre branches
AMB of Rs 2000
Shortfall <=50% ₹7.50 +GST
Shortfall >50 –75% ₹10 + GST
Shortfall > 75% ₹12+GST
And, in rural branches, the average monthly balance is Rs 1,000.
Rural Centre branches
AMB of Rs 1000
Shortfall <=50% ₹5 +GST
Shortfall >50 –75% Rs7.50 +GST
2. NEFT and RTGS charges
SBI charges Rs 2 plus GST for NEFT transactions up to Rs 10,000. For transactions between Rs 10,000 and up to Rs 1 lakh, the customers will be charged Rs 4 plus GST. Above Rs 1 lakh and up to Rs 2 lakh transactions, SBI will charge Rs 12 plus GST and for above Rs 2 lakh transactions, the bank charges Rs 20 plus GST. Similarly, for RTGS transfers between Rs 2 lakh and Rs 5 lakh, the customers will be asked to pay Rs 20 plus GST. If the transfer exceeds Rs 5 lakh, you will be charged Rs 40 plus GST.
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3. Free monthly cash withdrawal from SBI branches
The bank will allow you two free cash withdrawals from its branches if average monthly balance is up to Rs 2 lakh. If it is between Rs 25,000 and Rs 50,000, you will be allowed 10 free cash withdrawals. Between Rs 50,000 and Rs 1 lakh, the customers will get 15 free cash withdrawals at bank branches. If you want to enjoy unlimited cash withdrawals, you must maintain more thsan Rs 1 lakh.
4. Cash deposit transactions
The bank will allow three free cash deposit transactions in a month. After this, you will have to pay Rs 50 plus GST per transaction.
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