State Bank of India, the largest public sector bank announced a lot of revisions in its charges on 1st June 2017. And now from 1st July 2017 Service charge applicable will be 18 % instead of 15 % on every service due to GST effect.
8 free ATM (5 at SBI ATMs and 3 at ATMs of other banks) transactions in metro cities and 10 (5 at SBI ATMs and 5 at ATMs of other banks) free transactions in non-metro cities are entitled to regular savings bank account holders.
For customers of Basic Savings Bank Deposit Account, only four withdrawals in a month (including branch and ATM withdrawal) are allowed free of charge.
For Savings account and Basic Savings account after Free Transactions Rs 20 plus service tax at other bank ATMs; and Rs 10 plus service tax for SBI’s own ATMs will be levied.
SBI’s Mobile Wallet:
Customers of SBI’s mobile wallet State bank Buddy will now charge Rs. 25 per transaction on all cash withdrawals through ATM.
Cash Withdrawals from Counter:
Cash withdrawal up to Rs 2000 from the bank counter will be charged at Rs 2.5% of the transaction value (minimum of Rs 6) plus service tax.
For customers of Basic Savings Bank Deposit Account, only four withdrawals in a month (including branch and ATM withdrawal) are allowed free of charge. Beyond 4 withdrawals, if you withdraw money at branch then Rs. 50 plus taxes will be charged
Cash Deposit at Counter:
The service charges for basic savings bank deposit account will be Rs 50 plus service tax per transaction. Over the counter cash deposit up to Rs 10,000 will attract charge of 0.25% of the value (minimum of Rs 2 and maximum of Rs 8 plus service tax).
Online Fund Transfers:
On online fund transfers through IMPS, SBI will charge Rs 5 plus service tax for amounts of up to Rs 1 lakh; Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh; and Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh.
Three standard charges on issue of cheque books – Rs. 30, Rs 75, Rs 150 or 10-leaf, 25-leaf and 50-leaf books respectively.
Exchange of Soiled/Imperfect notes:
No service charge will be levied on exchange of soiled/imperfect notes up to 20 pieces and value of Rs 5000. For more than 20 pieces, the Bank will charge Rs 2 per piece plus service tax. For value above Rs 5,000, Rs 2 per piece or Rs 5 per 1,000 plus service tax, whichever is higher on the entire order will be charged.
Monthly Average Balance:
For account holders in metros, urban areas other than metros, semi-urban and rural areas, the MAB requirements are Rs. 5,000, Rs. 3,000, Rs. 2,000 and Rs. 1,000 respectively.
Minimum Monthly Average balance is required to be maintained by customer. Failing to maintain it, SBI will Charge from 50 Rs to 100 Rs depending upon percentage of shortfall.
Here are the details of penalty for not maintaining MAB for these accounts.
For example, in metro city branches, you need to maintain a monthly average balance of Rs. 5,000.
If the average balance maintained during a month comes out to be between zero and Rs.1,500 (shortfall of more than 75 per cent) a non-maintenance charge of Rs. 100 plus taxes will be levied.
In case the average balance remains within Rs. 1,500 and Rs. 2,500, (shortfall of less than 75 per cent and more than 50 per cent) a charge of Rs. 75 plus taxes will be levied.
In case of average balance of more than Rs. 2,500, SBI will charge a penalty of Rs. 50, plus taxes.