SBI has come up with new rules which are very complicated to understand but need to be maintained by every individual from April 1st, 2017.
For the first time in the banking industry, there is charge for the cash deposit too. Here are the key points to be noted out of the new rules formulated by SBI.
Points to be noted out of SBI new rules:
Cash deposit charges:
For savings account: 3 cash deposit transactions are free per month, there after the deposit transactions are charged Rs. 50/- + ST per transaction.
For normal current account: deposit up to Rs. 25000/- per day is free and beyond that transactions are charged Rs. 0.75 per each Rs. 1000/- + ST. (Minimum charge of Rs 50/- + ST and Maximum charge of Rs. 20000/- + ST).
For all the other featured current accounts the charges after the limit are similar, but the change is only in the limit of the cash deposit up to which it is free.
Minimum balance to be maintained:
Monthly average balance (MAB) to be maintained in different accounts in different areas are mentioned followed with the respective charges if not maintained.
In savings account:
In metropolitan cities MAB should be maintained is Rs. 5000/-.
Shortfall <=50% Rs.50/- +ST
Shortfall >50 –75% Rs.75/- +ST
Shortfall > 75% Rs.100/- +ST
In Urban areas MAB of Rs. 3000/-.
Shortfall <=50% Rs.40/- +ST
Shortfall >50 –75% Rs.60/- +ST
Shortfall > 75% Rs.80/- +ST
In Semi-Urban areas MAB of Rs. 2000/-.
Shortfall <=50% Rs.25/- +ST
Shortfall >50 –75% Rs.50/- +ST
Shortfall > 75% Rs.75/- +ST
In Rural areas MAB of Rs.1000/-.
Shortfall <=50% Rs.20/- +ST
Shortfall >50 –75% Rs.30/-+ST
Shortfall > 75% Rs.50/-+ST
In current account:
The MAB should be maintained is Rs. 10,000/-, otherwise the charge of Rs. 500/- + ST per month is levied.
Charges on ATM transactions:
Five transactions within the SBI bank ATM are free and beyond that will be charged Rs. 20+ST per transactions. (five free transactions also include “Transaction decline due to insufficient balance” ).
The limit of free transactions is three for other bank ATM’s.
For debit card holders with Quarterly Average balance QAB of Rs. 25,000 are charged Rs. 15 per quarter for SMS facility.