The savings bank account holders of State Bank of India can now deposit cash at non-home branches without any limit. The bank on its twitter handle said, "Good news SBI customers! Now, the upper cap for depositing cash at a non-home branch has been updated". A home branch for a bank customer is the one where he or she maintains the bank account and all other bank branches of the bank are non-home branches for the customer.
According to the website of SBI, earlier the limit for depositing cash in the savings account at a non-home branch was Rs. 25,000. Also, the bank charges Rs. 50 plus GST for every deposit made at a non-home branch.
In the tweet, the largest public run bank said that for SME accounts, the limit for cash deposit at non-home branch is Rs. 2 lakh on a daily basis.
As part of another development, SBI has been asking its customers who still possess magstripe debit cards to switch to chip based debit cards. And for the same customers can apply either online via Online SBI platform or at their bank branch without any fee. In a tweet SBI said, "Do not take a chance; get enhanced security for your debit card by applying for the SBI EMV Chip Debit Card without any fee at your branch or through OnlineSBI".
The transition to SBI EMV Chip Debit Card has to be made by the end of this year.
Earlier, SBI also increased its marginal cost of funds based lending rates or MCLR by 0.2%.