SBI slaps penalty for not keeping minimum balance in A/C

SBI

New Delhi, March 6, 2017: India’s largest bank, State Bank of India has decided to revised service charges on various transactions, including cash deposits, ATMs, and penalty on non-maintenance of monthly average balance in their savings accounts.

The charges will be applicable from April 1, 2017.

SBI will permit savings bank account holders to deposit cash three times a month free of charges and levy Rs. 50 plus service tax on each transaction beyond that.

In the case of the current account, the levy could go as high as Rs. 20,000.

The bank has also imposed the service charge for failure in maintaining Monthly Average Balance (MAB) in a metro, urban and rural centers.

For metro, failure to meet Rs 5,000 balance will attract Rs 50 charge for 50 per cent shortfall, Rs 75 for the shortfall between 50-75 per cent and Rs 100 for 75 per cent or more. In urban centers, failure to meet Rs 3,000 MAB will attract Rs 40 service charge, Rs 60 for 50-75 per cent shortfall and Rs 80 for 75 per cent or more.

SBI has also announced charges for issuing cheque books, cheque collection, stop payments, issuing certificates, bill collection and NEFT and RTGS charges. It has also revised charges for current accounts as well.

For debit cards, SBI will charge an annual maintenance fee of Rs 125-300 depending on the card’s category. The number of free ATM transactions will be three in metros and five in other centers.

However, SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs. 25,000. In a case of other banks’ ATM, there will be no charge if the balance exceeds Rs. 1 lakh.

SBI will charge Rs. 15 for SMS alerts per quarter from debit card holders who maintain an average quarterly balance of up to Rs. 25,000 during the three-month period.

There will be no charge for UPI/ USSD transactions of up to Rs. 1,000.

Wefornews Bureau

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