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SBI new service charges from today: From ATM withdrawal to minimum balance to cash deposits

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  • SBI customers are supposed to maintain an average monthly balance, depending upon the specific branch
  • For RTGS transfer between ₹2 lakh to ₹5 lakh, SBI will charge ₹20 plus GST
  • Country’s largest lender, State Bank of India (SBI) will revise service charges with effect from 1st October.
  •  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.

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

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.

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.  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

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

 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

Source :

Livemint

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