State Bank of India has decided to resume the charge on savings account holders for failing to maintain the monthly average balance in their accounts. Take a look at some other charges with effect from April 1, 2017.
Issue of chequebook
First 50 cheque leaves free in a financial year. Thereafter Rs 3 and service tax per cheque leaf has to be given for availing cheque book. 25 leaf cheque book can be got by paying Rs 75 plus service tax.
Savings bank account holders of SBI and its five associates will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities). As of now, monthly average balance (MAB) for a savings bank account is Rs 500 without the facility of the cheque book and Rs 1,000 with cheque book across the country.
Charges per month for non -maintenance of monthly average balance (MAB): current account current accounts (for all segments) (MAB - Rs 10,000/-)
Penalty for not MAB
Penalty for not MAB for metro branches will be Rs 5,000 and penalty for non-maintenance of minimum balance will be between Rs 50 and Rs 100. For urban and semi-urban branches, the MAB has been fixed at Rs 3,000 and Rs 2,000 respectively. In the case of rural branches, the minimum balance has been fixed at Rs 1,000. Breach of MAB will attract a penalty ranging between Rs 20 and Rs 50.
Statement of account
Current account statement of account (First/original): Monthly (For all segments) are free
Duplicate statement (For all Segments) Rs. 100/- + service tax per page (40 entries).
For more than three cash withdrawals from other ATMs, a charge of up to Rs 20 will be levied and Rs 10 will be charged 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 the case of other banks' ATM, there will be no charge if the balance exceeds Rs 1 lakh.
Cash handling charges
Cash deposit transactions: No. of free cash deposit transactions in a month are 3 transactions. Beyond 3 transactions in a month (Excluding Alternate channel transactions), customers have to pay Rs 50/-+ service tax per transaction. There is no restriction of cash deposit at non-home branches for savings bank accounts. In the case of the current account, the levy could go as high as Rs 20,000.
SMS alert charges
Customers have to pay SMS alert charges. SMS alert charges per quarter from debit card holders who maintain the average quarterly balance of Rs 25000 and below during the quarter is Rs 15, including service charge.
If balance goes beyond 75%
In metropolitan areas like Delhi, Mumbai, Chennai and Bengaluru there will be a charge of Rs 100 plus service tax if the balance goes below 75 per cent of the minimum average balance.
If the shortfall lies between 50-75%, the bank would charge Rs 75 plus service tax and Rs 50 plus service tax for a shortfall between 50%. In rural areas, the penalty would be between Rs 20 to Rs 50 plus service tax, said SBI in a notification. The charges are being reintroduced from April 1.
Account keeping charges
Account Keeping Charges per annum CA-SME / PB Rs 550/-+ service tax CC/OD -Limit exceeding Rs 25000