SBI minimum balance and ATM transactions new rules 2017

SBI minimum balance and ATM transactions new rules 2017

Here's a list of the changes that have been implemented from April 1, 2017:

#  The monthly average balance (MAB) requirement has been increased to as high as Rs 5,000 for branches in six metros

#  Savings bank account holders of SBI have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities), according to SBI website

# Till March 31, the monthly average balance (MAB) for a savings bank account was Rs 500 without facility of cheque book and Rs 1,000 with cheque book across the country

# India's largest bank has now decided to fix separate MABs for 'metro', 'urban', 'semi-urban' and 'rural' areas from the beginning of next financial year

#  Penalty for non-maintenance of minimum balance will be between Rs 50 and Rs 100. For urban and semi-urban branches, the MAB has been fixed at Rs 3,000 and Rs 2,000 respectively

# In case of rural branches, the minimum balance has been fixed at Rs 1,000. Breach of MAB will attract a penalty ranging between Rs 20 and Rs 50

# These new rates effective from April 1 are not applicable on Surabhi, Basic Savings Bank and PM Jan Dhan Yojana accounts

# The bank has increased locker rent and curtailed number of free locker usage in a year. After usage 12 times, the customer has to pay Rs 100 plus service tax applicable for visiting his or her locker

# As far as cheque books are concerned, for a current account holder, the first 50 cheques free in a financial year; thereafter, it will cost Rs 3 per leaf

# 25-leaf Cheque Book now costs Rs 75 plus service tax and 50-leaf Cheque Book cost is Rs 150 excluding service tax

# SBI will now charge Rs 20 for opening fee including enrolment for savings account among other various charges that the bank has raised

ATM

# If one maintains Rs 25,000 in your SBI savings account, then customer can use ATM unlimited number of time. However, the charges of ATM usage over allowed 5 times will attract charges as prescribed by RBI.

With inputs from PTI

Please check with your branch for more information and clarification.

Contact us for any question on this topic

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