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SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty

SBI bank account holders alert: Are you State Bank of India (SBI) account holder? Do you have a saving account in SBI? Then this news is for you as India's largest public sector bank SBI has revised service charges for its customer for deposits and withdrawal. This changes will come in effect from October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways.

India TV Business Desk India TV Business Desk
New Delhi Updated on: September 13, 2019 23:30 IST
SBI account holders attention! Bank asks to maintain this
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SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay penalty

SBI bank account holders alert: Are you State Bank of India (SBI) account holder? Do you have a saving account in SBI? Then this news is for you as India's largest public sector bank SBI has revised service charges for its customer for deposits and withdrawal. This changes will come in effect from October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways.

SBI Minimum Monthly Balance:

Under the revised rules, SBI has reduced the minimum average monthly balance requirement for urban centres from Rs 5,000 to Rs 3,000, on the maintenance of average monthly balance (AMB).

To be noted, if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent (that is Rs 1,500) the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 75 per cent, it will invite a fine of Rs 15 plus GST.

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SBI account holders of semi-urban branches need to maintain an average (minimum) monthly balance of Rs 2,000. In rural branches, the minimum average monthly balance will be Rs 1,000.

For semi-urban branches, if the shortfall is less than 50 per cent then the extra charge will be Rs 7.50 plus GST. For between 50-75 per cent shortfall, the fine is Rs 10 plus GST and for above 75 per cent shortfall, the charge will be Rs 12 plus GST.

SBI saving account Deposits and Withdrawals:

As per the new charges on Deposits and Withdrawals, cash deposits in a saving account will be free for up to 3 transactions in a month. After that, the account holder will be charged Rs 50 plus GST for every transaction.

The maximum limit for deposit of cash at the non-home branch is Rs 2 lakh per day. Thereafter, the non-home branch manager gets to decide if the bank can accept more cash.

Meanwhile, SBI account holders with an average monthly balance of Rs 25,000 will get an advantage to perform free cash withdrawal twice a month. While account holders with average monthly balances between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawal. Charges for transactions beyond the free limit are Rs 50 plus GST.

For above Rs 50,000 up to 1,00,000, the charges are Rs 15 plus GST, while those above Rs 1,00,000 have unlimited transactions.

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