SBI's New Rules To Go Into Effect From Tomorrow; Know About Them

From tomorrow (1 April 2017), State Bank of India will be implementing the changes they announced a month back.

The amendments can be read here.

The Highlights of the new rules are:

• 3 times deposit free in your account. After more than 3 times deposit, you will pay 50/- per deposit.
• The failure to maintain Monthly Average Balance (MAb) in accounts will call for a penalty between Rs 50 to Rs 100 plus service tax per month.
• Minimum 3000/- balance to be maintained in city/town branch account.
• Minimum 5000/- balance to be maintained in metro city branch account.
• Minimum 2000/- balance to be maintained in semi-urban area branch account.
• In metropolitan cities, If the amount is below 75% of the Monthly Average Balance (MAB), the charges levied will be Rs 100 plus service tax. If the amount is 50 percent or less of the MAB, then the fees levied will be Rs 50 plus service tax. These charges differ in case of rural branches.
• SBI customers can do transactions from ATM charge free for five transactions and after that Rs 10 will be levied for more than five withdrawals. If the number of transactions from ATMs of other banks exceeds three, it will attract a charge of up to Rs 20.
• Unlimited SBI ATM use without any charges, If you maintain 25000/- in your SBI savings account.
• Rs 15 will be charged for SMS facility for alerts per quarter from Debit Card Holders who maintain the average quarterly balance of Rs 25,000 in three months period.
• For Unified Payments Interface (UPI) and Unstructured Supplementary Service Data (USSD), there will be no charge up to Rs 1000.
• Unlimited SBI & OTHER BANK ATM use without any charges, If you maintain 100000/- in your SBI savings account.

The Monthly Average Balance of Rs 5000 in a branch in Metropolitan City then:

• Shortfall <=50% = Rs 50/- + Service Tax.
• Shortfall >=50-75% = Rs 75/- + Service Tax.
• Shortfall > 75% = Rs 100/- + Service Tax

The Monthly Average Balance of Rs 3000 in a branch in the Urban area then:

• Shortfall <=50% = Rs 40/- + Service Tax.
• Shortfall >=50-75% = Rs 60/- + Service Tax.
• Shortfall > 75% = Rs 80/- + Service Tax

The Monthly Average Balance of Rs 2000 in a branch in the Semi- Urban area then:

• Shortfall <=50% = Rs 25/- + Service Tax
• Shortfall >=50-75% = Rs 50/- + Service Tax.
• Shortfall > 75% = Rs 75/- + Service Tax.

The Monthly Average Balance of Rs 2000 in a branch in the Rural area then:

• Shortfall <=50% = Rs 20/- + Service Tax
• Shortfall >=50-75% = Rs 30/- + Service Tax.
• Shortfall > 75% = Rs 50/- + Service Tax

Read more here.