SBI Bank New Service Charges And Rules Will Be Implemented On 1st October 2019: The State Bank of India is an Indian multinational, public sector banking and financial services statutory body. It is a government corporation statutory body headquartered in Mumbai, Maharashtra. SBI is ranked as 236 in the Fortune Global 500 list of the world’s biggest corporations of 2019.
Non-maintenance of average monthly balance (AMB): SBI has reduced average monthly balance for urban centres from Rs 5,000 to Rs 3,000 starting October 1. Under the revised rule, if someone does not maintain Rs 3,000 as AMB and falls short by 50 per cent (that is Rs 1,500) the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 75 per cent, it will invite a fine of Rs 15 plus GST.
Shortfall >50 -75%: Rs 12 +GST
Shortfall > 75%: Rs 15 +GST
In semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000. And, in rural branches, the average monthly balance is Rs 1,000.
Shortfall >50 -75% : Rs 10 + GST
Shortfall > 75% : Rs 12 + GST
AMB of Rs 1,000 at Rural Centre branches
Shortfall <=50% : Rs 5 +GST
Shortfall >50 -75% : Rs 7.50 +GST
Shortfall > 75% : Rs 10 +GST
Above Rs 10,000 and upto Rs 1 lakh: Rs 4+ GST
Above Rs 1 lakh and upto Rs 2 lakh: Rs 12+ GST
Above Rs 2 lakh: Rs 20 +GST
For RTGS transfer between Rs 2 lakh to Rs 5 lakh, a customer must pay Rs 20 +GST. RTGS transfer above Rs 5 lakh will be charged Rs 40 plus GST.
Free monthly cash withdrawal from SBI branches:
Average Monthly Balance (AMB) in Savings Bank
Upto Rs 25,000: Rs 2 plus GST
Above Rs 25,000 upto Rs 50,000: Rs 10 plus GST
Above Rs 50,000 up to 1,00,000: Rs 15 plus GST
Above Rs 1,00,000: Unlimited transaction