SBI Minimum Balance for Monthly reduced, new rules to be applicable from Oct 1

SBI Minimum Balance for Monthly reduced, new rules to be applicable from Oct 1

The 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 and will affect scores of customers in many ways.

On the maintenance of average monthly balance (AMB), starting October 1, SBI has reduced the minimum average monthly balance requirement for urban centers from Rs 5,000 to Rs 3,000.

Under the revised rules, if someone does not maintain Rs 3,000 as average monthly balance 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.

In semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000. In rural branches, the minimum average monthly balance will be Rs 1,000.

If the shortfall is less than 50 per cent for semi-urban branches, then the extra charge will be Rs 7.50 plus GST. For between 50-75 per cent, the fine is Rs 10 plus GST and for above 75 per cent shortfall, the charge will be Rs 12 plus GST.

In case of AMB of Rs 1,000 at rural branches, a shortfall of less than 50 per cent , charges are Rs 5 plus GST. For shortfall of over 50 per cent up to 75 per cent, the fees will be Rs 7.50 plus GST, while shortfall over 75 percent will attract fine of Rs 10 + GST.

National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) charges are also set to change. While 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 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 that, the account holder will be charged Rs 50 plus GST for every transaction…..Read more>>