What’s in for SBI customers in new rules, service charges?

Mumbai: From October 1, the bank has reduced the average monthly balance (AMB) for urban and metro centres from Rs 5,000 to Rs 3,000 and that of semi-urban and rural branches to Rs 2,000 and Rs 1,000 respectively.

India’s largest lender, State Bank of India (SBI), has revised its service charges with effect from 1st October. These service charges include number of free transactions per month through ATMs, including both financial and non-financial transactions, issue of multi-city cheque books for savings account, stopping a payment instruction, revision of charges per month for non-maintenance of Average Monthly Balance (AMB) and so on. SBI has classified branches into three categories - metro, semi-urban and rural branches.

For urban centre branches, the AMB requirement has been lowered to Rs 3,000 from Rs 5,000.

For ATMs, the most popular service of the bank, SBI has permitted account holders a certain number of free ATM transactions per month, and will charge them Rs 50 plus GST for crossing this limit from October 1 onwards.

The number of free cash withdrawals at SBI ATMs will range from 2-15, depending on the average monthly balance (AMB) of the account holders. For accounts having AMB up to Rs 25,000, the bank will be offering up to 8 ATM transactions including financial and non-financial ones. Similarly for account holders having AMB between Rs 25,000 and Rs 50,000 can avail unlimited ATM transaction at SBI ATMs.

The fortune 500 company will also charge Rs 20 for transaction declined due to insufficient balance. The bank will also impose a fee of Rs 22 on card less cash deposits at ATMs from October 1 onwards.

Irrespective of the AMB, if fund is transferred through Internet or Mobile Banking, it will be free and customers can make unlimited transactions.

In a month, account holders will be allowed to make three cash deposits for free at your SBI branch. After that, you will be charged Rs 50 plus GST per transaction.

For RTGS and NEFT transactions, customers will not be charged if they do it online. However, if they are done at the branch, they will be charged.

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