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Penalty for Non-Maintenance of Minimum Balance, New Charges @STATE BANK OF INDIA

Are you a State Bank customer ? Or open an account in SBI soon? Then this news for you.
State Bank of India the largest bank has change number of charge rules like penalty on non maintenance minimum balance etc . All changes are applicable from April 1, 2017.

Main STATE BANK OF INDIA revised charges are:
Penalty on non-maintenance accounts:
If you failed to maintain Monthly Average Balance in accounts will penalty up to Rs. 100 plus tax.
For metro branches failure to deposited Rs 5,000 will charge Rs 50 for 50% shortfall, For 50-75% charged Rs 75 and For more shortfall cost Rs 100.
For urban branches, the minimum balance must more than 3,000. Failure to meet then 40 Rs service fee, Rs 60 for 50-75% shortfall and Rs 80 for 75% or more.
So charges and MAB change according to the location of the branch. In case rural branches MAB minimum Rs 1000 only.
Deposit Cash in the branch:
If savings account holders deposit money three times a month then charge no charge but more than three times charge Rs 50 plus tax on every transaction.
ATM charges:
For debit card holders annual fees of Rs 125-300 on card category. Withdrawal of cash more than three from other bank’s ATM charge Rs 20 and Rs 10 for more than five withdrawals from SBI own ATM.
But if your balance exceeds Rs 25,000 than free for own ATMs. In case other bank’s ATM no charge if the balance exceeds Rs 1 lakh.
UPI/USSD:
There will be no charge for this service up to Rs 1000.
Also, some charges announced for issuing cheque books, collection chequebook, certificates, NEFT and RTGS charges.
HDFC, ICIC, AXIS BANK started charging for cash transaction same way Public banks also start to announce charges.
If you don’t need any unused service like a debit card, chequebook, etc. the visit branch and apply for cancel the particular service. If you want to apply for any new service, please check charge of the service first.

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