After a
gap of five years, State Bank of India, India's biggest lender, will
start charging penalty on non-maintenance of minimum balance in accounts. It
has also has revised charges on other services, including ATMs.
So, if you are an SBI customer, here's what you
need to know:
How much minimum balance should I have?
For metro cities, the minimum balance is Rs
5,000. In urban, semi-urban and rural areas, the charges will be Rs 3,000, Rs
2,000 and Rs 1,000, respectively.
What if I don't have the stipulated balance?
As per the list of revised charges of SBI,
failure to maintain Monthly Average Balance (MAB) in accounts will attract
penalty of up to Rs 100 plus service tax.
In metro cities, there will be a charge of Rs
100 plus service tax, if the balance falls below 75 per cent of the MAB of Rs
5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will
charge Rs 50 plus service tax.
For rural areas, the penalty ranges from Rs
20-50 plus service tax, t ..
On depositing cash in accounts
Savings account holders are allowed to deposit
cash in their accounts three times a month free of charge and a charge of Rs 50
plus service charge would be levied on every transaction beyond that.
On withdrawal from ATMs
Withdrawal of cash from ATMs will attract a
charge of up to Rs 20 if the number of transactions exceeds three from
different bank's ATM in a month and Rs 10 for more than five withdrawals from
SBI ATMs.
However, SBI will not levy any charge on
withdrawals from its own ATMs if the balance exceeds Rs 25,000. In case of
other banks' ATM there will be no charge if the balance exceeds Rs 1 lakh.
On SMS alerts
SBI will charge Rs 15 for SMS alerts per quarter
from debit card holders who maintain average quarterly balance of up to Rs
25,000 during the three months period. There will be no charge for UPI/ USSD
transactions of up to Rs 1,000.
Key point
The new charges are applicable even if your
account is in any of the five associate banks - State Bank of Bikaner and
Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT),
State Bank of Patiala (SBP), and State Bank of Hyderabad (SBH) - or the
Bharatiya Mahila Bank. This is because all these banks are getting merged with
the SBI effective Saturday.
Read more at:
No comments:
Post a Comment