SBI update: New service charges to be rolled out on October 1
BusinessToday.In September 11, 2019
The State Bank of India will revise service charges for deposits and withdrawal on October 1. The new service charges will encompass cash withdrawal, average monthly balance, deposits and withdrawals. Here are the key changes:
1. Non-maintenance of average monthly balance (AMB):
SBI has reduced average monthly balance for urban centers 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 percent, it will invite a fine of Rs 15 plus GST.
AMB of Rs 3000 at Metro & Urban Centre branches
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
AMB of Rs 1,000 at Rural Centre branches
2. 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)
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.
3. 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.
Free monthly cash withdrawal from SBI branches:
Average Monthly Balance (AMB) in Savings Bank