The biggest giant in Indian banking space, State Bank of India will start to levy new charges on its account holders and ATM users on breaching the minimum balance limit in your account. SBI has also revised its services charges on SMS alerts and ATM usage.
If you are an SBI Account holder, here are the key things you need to know:
Maintaining minimum balance limit!
The minimum balance of Rs.5000 is to be maintained for SBI customers in Metropolitan Cities. Customers in Urban areas will have to maintain Rs.3000, semi-urban citizens to keep Rs.2000 and people in rural areas should maintain minimum balance of Rs.1000/- effective from 01 April 2017.
Charges on Stipulated Minimum balance:
In case SBI customers failed to maintain Monthly Average Balance, then the behemoth bank would charge a penalty of up to Rs.100 and service tax additionally.
For SBI customers in Metropolitan Cities, Rs.100 + ST(Service Tax) will be charged if minimum balance falls below 75% and Rs.50 + ST if it falls short 50% or less.
For rural customers, the charges will be levied Rs.20-50 on breaching the limit.
Cash Depositing Charges
First three cash transactions for Savings account holders are free, thereafter Rs.50 + ST will be charged.
ATM – Cash Withdrawal charges
Rs.20 will be charged if the cash withdrawal transactions surpass the limit of three from other banks in a month and Rs.10/- will be charged if limit exceeds 5 withdrawals from SBI ATMs.
No withdrawal charges will be levied if you use SBI ATMs and withdraw Rs.25000 or more. If you use other banks’ ATMs and withdraw Rs.1 lac or more, again no charges!
SMS Alert Charges
A quarterly charge of Rs.15 will be applied on those debit card holders who maintain an amount of Rs.25000 every quarter. However for UPI and USSD transactions of Rs.1000/- or above, no charges will be levied.
All the above mentioned charges are also applicable on all the account holders in SBI’s five associate banks. These Banks are:
- 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.
All these banks are merged with SBI.