SBI New Service Charges And Penalties Come Into Effect From Today; Know Revised Penalty Rates And Other Charges on ATM Transactions, NEFT, RTGS

New Delhi, October 1: With the beginning of the third quarter of the Financial Year 2019-20, the State Bank of India has introduced several changes in the charges segment for the bank account holders, effective from October 1. The Public Sector Bank has made the changes in the fee structure for non-maintenance of average monthly balance (AMB), cash withdrawal from SBI branches and cash deposit transactions.

According to the State Bank, the customers have been advised to maintain an AMB, failing which the bank would charge penalty. It is to be known that every bank follows the guideline of the Reserve Bank of India (RBI) and allows a certain amount of cash deposits and withdrawals to its account holders. PPF, Sukanya Samriddhi, Senior Citizen and Other Small Savings Schemes Interest Rate Announced; Here Are The Details.

Here are the Latest Changes:

1) Non-Maintenance of Average Monthly Balance (AMB): As per the locality, SBI has categorised the accounts in three categories -- metro and urban centre branches, semi-urban centre branches and rural centre branches. For each savings account, SBI has set the minimum average monthly balance limit (AMBL). If an account holder fails to do so, SBI charges penalty.

Under the new rule here are the charges for accounts:

a) Metro and Urban Centre Branches: For account holders in thees branches, one will have to maintain Rs 3,000 as AMBL. Failing to do so or if the AMBL declines by 50 percent, the SBI will charge Rs 10 plus GST. If the AMBL declines by more than 50-75 percent, the account holder will have to pay Rs 12 plus GST, and for AMBL declining further, the customer will end in inviting a fine of Rs 15 plus GST.

b) Semi-Urban Centre Branches: For account holders in thees branches, one will have to maintain Rs 2,000 as AMBL. Failing to do so or if the AMBL delines by 50 percent, the SBI will charge Rs 7.5 plus GST. If the AMBL declines by more than 50-75 percent, the account holder will have to pay Rs 10 plus GST, and for AMBL declining further, the customer will end in inviting a fine of Rs 12 plus GST.

c) Rural Centre branches: For account holders in thees branches, one will have to maintain Rs 1,000 as AMBL. Failing to do so or if the AMBL delines by 50 percent, the SBI will charge Rs 5 plus GST. If the AMBL declines by more than 50-75 percent, the account holder will have to pay Rs 7.5 plus GST.

2) NEFT and RTGS Fee Charges: Revising the NEFT Charges, SBI will now charge Rs 4 plus GST on transactions between Rs 10,000 and up to Rs 1 lakh. For transactions above Rs 1 lakh and up to Rs 2 lakh, SBI would charge Rs 12 plus GST and above Rs 2 Lakh, the charges would be Rs 20 plus GST.

The charges for RTGS transactions are similar to the NEFT. The SBI informed that it would charge Rs 20 plus GST for transfers between Rs 2 lakh and Rs 5 lakh. However, transfer exceeding Rs 5 lakh would invite Rs 40 plus GST. PPF And Other Schemes Including Senior Citizens Savings Scheme Set For Interest Rate Cuts by September End.

3) Free Monthly Cash Withdrawl Limit: The SBI informed that for customers with average monthly balance (AMB) is up to Rs 2 lakh, two free cash withdrawals from its branches will be allowed. For people having AMB between Rs 25,000 and Rs 50,000, customers would be allowed 10 free transactions and AMB between Rs 50,000 and Rs 1 lakh will get 15 free cash withdrawals at bank branches. For those who are willing unlimited cash withdrawals, AMBL should be above Rs 1 lakh.

4) Cash Deposit Transactions: The premier PSU informed that it would allow three free cash deposit transactions in a month. If a customer wants to deposit more than the limit, he or she will have to pay Rs 50 plus GST per transaction.

(The above story first appeared on LatestLY on Oct 01, 2019 11:49 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).