After a long gap of about 5 years State Bank of India will now starting taking penalty charges on non-maintenance of minimum balance in Bank Accounts. SBI has also revised a lot of other charges including ATM Charges.
If you have a Bank Account in SBI, here’s all what you must know :
How much Minimum Balance should I maintain in my SBI Account ?
For metro cities, the minimum balance which is to be maintained is Rs 5,000. In urban, semi-urban and rural areas, the minimum balance to be maintained is Rs 3,000, Rs 2,000 and Rs 1,000, respectively.
What if I don’t maintain the Minimum Balance in my SBI Account ?
According to the list of SBI revised charges, if you fail to maintain Monthly Average Balance (MAB) in your bank account you will have to pay a penalty of up to Rs 100 plus service tax.
In metro cities, you will attract a penalty of Rs 100 plus service tax, if the MAB falls below 75 % of Rs 5,000. If the MAB falls below is 50 % or less of Rs.5000, then SBI will charge Rs 50 plus service tax. For rural areas, these penalty changes ranges from Rs 20-50 plus service tax.
On depositing Cash in SBI Account
All the Savings account holders of SBI are allowed to deposit cash in their accounts upto 3 times in a month free of charge. However, a charge of Rs 50 plus service charge would be taken on each transaction after that.
On Withdrawal of Cash from ATMs(SBI/Other Banks)
On Withdrawal of cash from ATMs you will have to pay a charge of up to Rs.20 if the number of transactions are more than 3 from other bank’s ATM(Other than SBI) in a month and Rs 10 if the number of transactions are more than 5 from SBI ATMs.
However, SBI will take any kind of charges on withdrawals from its own ATMs if your balance exceeds Rs 25,000. In case of other than SBI ATMs no charge would be levied if the balance exceeds Rs 1 lakh.
On SBI SMS alerts
SBI will be taking Rs 15 for SMS alerts per quarter from all the SBI debit card holders who are able to maintain average quarterly balance of up to Rs 25,000 during the period of three months. No charge will be levied for UPI/ USSD transactions of up to Rs 1,000.
SBI Associate Banks
Not only these charges are for SBI Account Holders, but these charges are applicable for the Account Holders of any of the five associate banks – State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP), and State Bank of Hyderabad (SBH) – or the Bharatiya Mahila Bank.