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