SBI Bank New Service Charges And Rules Will Be Implemented On 1st October 2019
SBI Bank New Service Charges And Rules Will Be Implemented On 1st October 2019: The State Bank of India is an Indian multinational, public sector banking and financial services statutory body. It is a government corporation statutory body headquartered in Mumbai, Maharashtra. SBI is ranked as 236 in the Fortune Global 500 list of the world’s biggest corporations of 2019.
Non-maintenance of average monthly balance (AMB): SBI has reduced average monthly balance for urban centres from Rs 5,000 to Rs 3,000 starting October 1. Under the revised rule, if someone does not maintain Rs 3,000 as AMB and falls short by 50 per cent (that is Rs 1,500) the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 75 per cent, it will invite a fine of Rs 15 plus GST.
AMB of Rs 3000 at Metro & Urban Centre branches:
Shortfall <=50% : Rs 10 + GST
Shortfall >50 -75%: Rs 12 +GST
Shortfall > 75%: Rs 15 +GST
In semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000. And, in rural branches, the average monthly balance is Rs 1,000.
AMB of Rs 2,000 at Semi-Urban Centre branches:
Shortfall <=50% : Rs 7.50 +GST
Shortfall >50 -75% : Rs 10 + GST
Shortfall > 75% : Rs 12 + GST
AMB of Rs 1,000 at Rural Centre branches
Shortfall <=50% : Rs 5 +GST
Shortfall >50 -75% : Rs 7.50 +GST
Shortfall > 75% : Rs 10 +GST
National Electronic Funds Transfer (NEFT) or Real Time Gross Settlement (RTGS) charges
While NEFT and RTGS transactions through digital means are free, fees is imposed at branches. NEFT transaction up to Rs 10,000, will invite Rs 2 plus GST. For a transaction above Rs 2 lakh via NEFT, the bank will charge Rs 20 plus GST for every transaction.
NEFT Customer Transactions (Transactions at branches)
Upto Rs 10,000 : Rs 2 +GST
Above Rs 10,000 and upto Rs 1 lakh: Rs 4+ GST
Above Rs 1 lakh and upto Rs 2 lakh: Rs 12+ GST
Above Rs 2 lakh: Rs 20 +GST
For RTGS transfer between Rs 2 lakh to Rs 5 lakh, a customer must pay Rs 20 +GST. RTGS transfer above Rs 5 lakh will be charged Rs 40 plus GST.
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 Rs 50 plus GST for every transaction. Maximum limit for deposit of cash at non-home branch is Rs 2 lakh per day. Thereafter, non-home branch manager gets to decide if the bank can accept more cash.
Meanwhile, account holders with an average monthly balance of Rs 25,000 can do free cash withdrawal twice a month. Those with average monthly balance between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawal. Charges for transactions beyond the free limit is Rs 50 plus GST.