State Bank of India will penalise users for keeping low balance in account
In upcoming month State Bank of India (SBI) will permit bank account holders to deposit cash 3 times a month free of charge and fine Rs 50 plus service tax on every transaction beyond that. SBI has decided to introduce penalty on non-maintenance of minimum balance in accounts from April 1, and revised charges on other services, including ATMs.
SBI will permit savings bank account holders to deposit cash 3 times in a month free of charge and fine Rs 50 plus service tax on every transaction beyond that. In case of current account, the fine could go as high as Rs 20,000.
SBI’s New Rules Regarding Transactions are below:
- SBI will charge Rs 15 for SMS alerts per 3 months from debit card holders who maintain average quarterly balance of up to Rs 25,000 during the three months period. There will be no charge for UPI/ USSD transactions of up to Rs 1000.
- SBI official said the bank had suspended levying charges on breach of minimum balance requirements in 2012 to acquire new customers. The charges are now being reintroduced from April 1. The Reserve Bank has permitted banks to levy charges for breaching minimum balance limit.
- As per the list of revised charges of SBI, failure to maintain Monthly Average Balance in accounts will attract penalty of up to Rs 100 plus service tax.
- Withdrawal of cash from ATMs will attract a charge of up to Rs 20 if the number of transactions exceeds three from other bank’s ATMs in a month and Rs 10 for more than five withdrawals from SBI ATMs.
- In metropolitan cities, there will be a charge of Rs 100 plus service tax, if the shortfall is below 75 per cent of the Monthly Average Balance of Rs 5,000. If the shortfall is 50 per cent or less of the Monthly Average Balance, then the bank will charge Rs 50 plus service tax. The charges and Monthly Average Balance varies according to the location of bank. It is minimum in case of rural branches.
- SBI will not fine any charge on withdrawals from its own ATMs if the balance exceeds Rs 25,000. In case of other banks’ ATM there will be no charge if the balance exceeds Rs 1 lakh.
Tags: SBI ATM New Rules , SBI ATM Ruleshttps://thebeepingbell.com/state-bank-of-india-will-penalise-users-for-keeping-low-balance-in-account/https://thebeepingbell.com/wp-content/uploads/2017/03/ATM_SBI.jpghttps://thebeepingbell.com/wp-content/uploads/2017/03/ATM_SBI-150x150.jpgNationalNewsIn upcoming month State Bank of India (SBI) will permit bank account holders to deposit cash 3 times a month free of charge and fine Rs 50 plus service tax on every transaction beyond that. SBI has decided to introduce penalty on non-maintenance of minimum balance in accounts from...Surya prakash SinghSurya prakash Singhsuryaprakash.email@example.comAuthorThe Beeping Bell