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SBI Will Revise Service Charges From 1 October

By Staff
|
SBI Will Revise Service Charges From 1 October
 

The State Bank of India (SBI) will revise its service charges on deposits and withdrawals from 1 October. These services include cash withdrawals, deposits and maintenance of average monthly balance.

Non-maintenance of average monthly balance

Starting 1 October, the average monthly balance to be maintained by customers in their bank accounts will be lowered to:

  • Rs 3,000 at Metro and Urban branches
  • Rs 2,000 at Semi-Urban branches
  • Rs 1,000 at Rural branches

For customers who fail to maintain the minimum balance amount, they will be charged with penalties:

Metro and Urban branches

  • Rs 10 + GST is average monthly balance falls shorter by less than or equal to 50% of the requirement
  • Rs 12 + GST is average monthly balance falls shorter by more than 50% of the requirement
  • Rs 15 + GST is average monthly balance falls shorter by more than 75% of the requirement

Semi-Urban branches

  • Rs 7.50 + GST is average monthly balance falls shorter by less than or equal to 50% of the requirement
  • Rs 10 + GST is average monthly balance falls shorter by more than 50% of the requirement
  • Rs 12 + GST is average monthly balance falls shorter by more than 75% of the requirement

Rural branches

  • Rs 5 + GST is average monthly balance falls shorter by less than or equal to 50% of the requirement
  • Rs 7.5 + GST is average monthly balance falls shorter by more than 50% of the requirement
  • Rs 10 + GST is average monthly balance falls shorter by more than 75% of the requirement

NEFT and RTGS charges

Digital NEFT and RTGS transactions will be free of charge.

NEFT charges at branches

  • Transactions up to Rs 10,000: Rs 2 + GST
  • Transactions above Rs 10,000 and up to Rs 1 lakh: Rs 4 + GST
  • Transactions above Rs 1 lakh and up to Rs 2 lakh: Rs 12 + GST
  • Transactions above Rs 2 lakh: Rs 20 + GST

RTGS charges at branches

 
  • Transactions between Rs 2 lakh and Rs 5 lakh: Rs 20 + GST
  • Transactions above Rs 5 lakh: Rs 40 + GST

Deposits

  • Cash deposits into savings accounts will be free for up to 3 transactions in a month, following which account holders will be charged Rs 50+GST for every transaction.
  • The maximum limit for cash deposit at a non-home branch is Rs 2 lakh per day. The non-home branch manager takes the decision on whether more cash should be accepted.

Withdrawals

Those who maintain an average monthly balance of Rs 25,000 in their accounts are allowed two free cash withdrawals in a month. Those with an average monthly balance between Rs 25,000 to Rs 50,000 get 10 free cash withdrawals.

Withdrawals will be charged at Rs 50 + GST beyond the free limit.

All SBI salary accounts at all locations will have free unlimited transactions at State Bank Group (SBG) ATMs and other bank ATMs.

Read more about: sbi state bank of india
Story first published: Thursday, September 12, 2019, 18:09 [IST]
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