From July 1, 2020, customers of State Bank of India (SBI), India' largest commercial bank, and other banks too such as Axis Bank, Bank of Baroda, IDBI Bank, Canara Bank among others have put in effect new rules for customers.
What will it mean for customers
Customers will have to incur new cash withdrawal fees, IFSC codes, and SMS alert fees, etc., from today.
State Bank of India charges
State Bank of India (SBI) will levy charges Rs 15 plus GST per cash withdrawal for transaction at bank branches, SBI ATM or from other bank's ATMs beyond four free cash withdrawals. With respect to cheque book services, first 10 cheque leaves will be free of cost in a financial year. Thereafter, 10 leaf cheque book will be levied Rs 40 plus GST; 25 leaf cheque book at Rs 75 plus GST and emergency cheque book will attract a charge of Rs 50 plus GST for 10 leaves or part thereof. Senior citizen customers are exempted (on cheque book services)
Non-financial transactions and transfer transactions will be free of cost at branches, ATM, CDM (cash dispensing machines) for the BSBD account holders.
Syndicate, Canara Bank customers
As Syndicate and Canara bank merge, the customers of Syndicate bank will be given new IFSC codes for functioning effectively today.
The new IFSC codes will now begin with CNRB instead of SYNB and 10000 will need to be added to the existing IFSC code number. The customers can get new codes through the following link: canarabank.com/IFSC.html or by visiting any Canara Bank branch.
Customers can also contact Canara Bank through the customer care number 18004250018.
"All the IFSC starting with SYNB will be disabled W.E.F 01.07.2021," the bank said.
The new IFSC codes will be required by the customers for NEFT/RTGS/IMPS transactions.
"We request you to inform the remitters (senders) to use only your new IFSC code starting with "CNRB" while sending NEFT/RTGS/IMPS, from now itself," the lender added.
Andhra Bank, Corporation Bank merger with Union Bank
On April 1, 2020, Andhra Bank and Corporation Bank merged with Union Bank. From July 1, customers of Andhra Bank and Corporation Bank will be required to use new cheque books issued by Union Bank of India.
Axis Bank SMS alert charges
From July 2021, Axis Bank will charge customers 25 paise for every SMS alert subject to a maximum of Rs 25 a month. This will not include promotional text messages or messages sent to the customer or the OTP sent for authentication of transactions.
“Due to a recent change by the telecom regulator, Axis Bank has also recalibrated its SMS charges. Instead of charging a flat fee of Rs 5 every month, it will now charge 25 paise for every SMS alert, subject to a maximum of Rs 25 per month, effective July 1 (except for one-time passwords and promotional messages) sends you,” Axis Bank posted on its website.
Axis Bank SMS alert charges will not apply to Burgundy, Burgundy Private, Priority, NRI, Trust & Government Accounts, Defense Salary Accounts, Staff Accounts, Small & Basic Accounts, Pension Accounts, Select Salary relationships and promotional SMS sent from Bank and One-Time Password (OTP) alerts.
IDBI Bank's new charges
IDBI Bank customers will have to pay Rs 5 per cheque leaf beyond 20 free leaves per year, under the revised charges from today. Currently, customers can access as many as 60 cheque leaves without any charges in a year in the first year of account opening and 50 leaves in all the subsequent years. Beyond these, one has to pay Rs 5 per leaf.
Customers holding the 'Sabka Saving Account' will not come under this and will be able to get unlimited free cheque leaves in a year.
For depositing cash (home and non home), it has downsized the number for free facilities per month for semi-urban and rural branches to 5 each from the existing 7 and 10, respectively for various savings accounts.
For super savings plus accounts, the free transactions in semi-urban and rural areas will be 8 each as against 10 and 12, respectively as of now. Among others, the JubileePlus senior citizen account holders will get no discount on locker rent if the monthly average balance (MAB) is less than Rs 10,000. Customers will get 10 percent discount on Rs 10,000-24,999 balance for all 12 months and 15 percent for Rs 25,000 and above MAB.