SBI to hike minimum fee on non-home branch cash deposits by 400%

SBI to hike minimum fee on non-home branch cash deposits by 400%

FPJ BureauUpdated: Saturday, June 01, 2019, 04:09 PM IST
article-image

MUMBAI : State Bank of India has decided to hike the minimum charges for cash deposit at non-home branches by 400% to 50 rupees from 10 rupees in a bid to boost fee income and deter unnecessary transactions at branches, a senior bank official said. The new charges will become effective from Mar 8.

“The main aim is to deter many of our customers who tend to use the closest available branch for cash deposits instead of using the cash deposit machines or depositing at their home branch. Crowds tend to then happen at centrally located branches,” the official said.
Large crowds for such transactions often hurt customer service to the bank’s home branch customers, the official pointed out. State-owned banks traditionally charge lower fees on transactions. Private banks have managed to leverage their customer service ability to encourage customers to pay higher fees for transactions.
For its regular savings accounts, HDFC Bank charges no fee on cash withdrawal or fee for the first five transactions at a home or non-home branch in a month, but charges 100 rupees per transaction after that. While there is no additional charge for transactions of value of 49,999 rupees per day, beyond this limit, the bank charges a fee of 5 rupees per 1,000 rupees, plus taxes.
ICICI Bank employs the concept of base branch, which refers to branches within the same city and charges no fees for the first four transactions at these branches in a month, but charges flat 90 rupees
fee for all subsequent transactions. -Cogencis

RECENT STORIES

At BRICS Meet, FM Nirmala Sitharaman Holds Bilateral Talks With China, Russia, Brazil, And Indonesia

At BRICS Meet, FM Nirmala Sitharaman Holds Bilateral Talks With China, Russia, Brazil, And Indonesia

New Aadhaar Rules Announced, Check Updated Document List For Enrolment & Changes

New Aadhaar Rules Announced, Check Updated Document List For Enrolment & Changes

Microsoft Exits Pakistan After 26 Years, Major Blow To Tech Ecosystem

Microsoft Exits Pakistan After 26 Years, Major Blow To Tech Ecosystem

Telangana Government's Big Decision On Work Hours, Now Only This Much Work Required Daily

Telangana Government's Big Decision On Work Hours, Now Only This Much Work Required Daily

PM-Kisan 20th Installment Likely On This Date, Here's How To Check Your Status

PM-Kisan 20th Installment Likely On This Date, Here's How To Check Your Status