Country's largest lender, State Bank of India (SBI) will revise service charges with effect from 1st October. SBI allows certain amount of cash deposits and withdrawals to its customers, exceeding which, the bank charges penalty. Similarly, SBI customers are supposed to maintain an average monthly balance (AMB), depending upon the specific branch. The bank has categorised branches into three categories—metro, semi-urban and rural branches.

1) Non-maintenance of average monthly balance (AMB)

Country's largest lender State Bank of India has categorised accounts into three categories, metro and urban centre branches, semi-urban centre branches and rural centre branches. Depending upon the category of branches, SBI allows AMB and failing to maintain the amount, the bank charges a certain amount of fine. Under the revised rule, if someone does not maintain 3,000 as AMB in metro and urban centre branches, and falls short by 50 per cent, the individual will be charged 10 plus GST. If the account holder falls short by more than 50-75 per cent, it will invite a fine of 12 plus GST. If the account holder falls short by more than 75 percent, it will invite a fine of 15 plus GST.

Metro & Urban Centre branches

AMB of 3000

Shortfall <=50% 10 +GST

Shortfall >50 –75% 12 +GST

Shortfall > 75% 15 +GST

In semi-urban branches, SBI account holder needs to maintain an average monthly balance of 2,000.

Semi-Urban Centre branches

AMB of 2000

Shortfall <=50% 7.50 +GST

Shortfall >50 –75% 10 + GST

Shortfall > 75% 12+GST

And, in rural branches, the average monthly balance is 1,000.

Rural Centre branches

AMB of 1000

Shortfall <=50% 5 +GST

Shortfall >50 –75% Rs7.50 +GST

2) Free monthly cash withdrawal from SBI branches

Average Monthly Balance (AMB) in Savings Bank

Upto 25,000: 2 plus GST

Above 25,000 upto 50,000: 10 plus GST

Above 50,000 upto 1,00,000: 15 plus GST

Above 1,00,000: Unlimited transaction

3) NEFT and RTGS charges

While Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transactions through digital means are free, fees is imposed at branches.

NEFT transaction at branches

For NEFT transactions upto 10,000, SBI charges 2 plus GST from its customers. NEFT transactions above 10,000 and upto 1 lakh will be charged 4 plus GST. Above 1 lakh and upto 2 lakh transactions, SBI charges 12 plus GST and for above 2 lakh transactions, the bank charges 20 plus GST

Upto 10,000 - 2 + GST

Above 10,000 and upto 1 lakh - 4 + GST

Above 1 lakh and upto 2 lakh - 12 + GST

Above 2 lakh - 20 + GST

RTGS transaction at branches

For RTGS transfer between 2 lakh to 5 lakh, a customer must pay 20 plus GST. RTGS transfer above 5 lakh will be charged 40 plus GST.

2 lakh to 5 lakh 20 +GST

Above 5 lakh 40 +GST

4) Cash deposit transactions

SBI allows 3 free cash deposit transactions in a month. Beyond these 3 transactions in a month (excluding alternate channel transactions), the bank will charge 50 plus GST per transaction

5) Cash withdrawals

An SBI account holder maintaining average monthly balance up to 25,000 will be allowed two free cash withdrawals at bank branches. An SBI account holder with average monthly balance above 25,000 and up to 50,000 will get 10 free cash withdrawals. Above 50,000 and up to 1,00,000 in their account will be allowed 15 free cash withdrawals at bank branches. If the average monthly balance in your account is above 1,00,000, the account holder can do unlimited number of free cash withdrawals.

Up to 25,000 - 2

Above 25,000 up to 50,000 - 10

Above 50,000 and up to 1,00,000 - 15

Above 1,00,000 - Unlimited

Charges for transactions beyond the free limit ( per transaction) 50 + GST

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