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The State Bank of India will revise service charges for deposits and withdrawal from October 1. The new service charges will include cash withdrawal, average monthly balance, deposits, and withdrawals and will affect scores of customers in many ways.
Here are the services charges going to be applicable from October 1:
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Maintenance of average monthly balance (AMB)
From October 1, for urban centres, the SBI has reduced the minimum average monthly balance requirement from Rs 5,000 to Rs 3,000.
- AMB of Rs 3000 at Metro & Urban Centre branches
| Shortfall less than 50% | Rs 10 + GST |
| Shortfall in range of 50 -75% | Rs 12 +GST |
| Shortfall more than 75% | Rs 15 +GST |
- AMB of Rs 2,000 at Semi-Urban Centre Branches
In semi-urban branches, the account holder needs to maintain an average monthly balance of Rs 2,000.
| Shortfall less than 50% | Rs 7.50 + GST |
| Shortfall in range of 50 -75% | Rs 10 +GST |
| Shortfall more than 75% | Rs 12 +GST |
- AMB of Rs 1,000 at Rural Centre Branches
In rural branches, the account holder needs to maintain an average monthly balance is Rs 1,000.
| Shortfall less than 50% | Rs. 5 + GST |
| Shortfall in range of 50 -75% | Rs. 7.5 +GST |
| Shortfall more than 75% | Rs. 10 +GST |
- NEFT Transactions at Branches
National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) charges are also set to change. While NEFT and RTGS transactions through digital means are free, fees are imposed at branches.
| Upto Rs 10,000 | Rs. 2 + 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 |
- Free monthly cash withdrawal from SBI branches:
Average Monthly Balance (AMB) in Savings Bank
| Upto Rs 25,000 | Rs. 2 + GST |
| Above Rs 25,000 and upto Rs 50,000 | Rs. 10 + GST |
| Above Rs 50,000 and upto Rs 1 lakh | Rs. 15 + GST |
| Above Rs 1 lakh | Unlimited Transactions |
Changes in a savings account:
- Cash deposits will be free for up to 3 transactions in a month. After that, the account holder will be charged Rs 50 plus GST for every transaction.
- The maximum limit for deposit of cash at the non-home branch is Rs 2 lakh per day. However, in case of the non-home branch, the manager gets the authority to decide if they can accept more cash.
- Account-holders with an average monthly balance of Rs 25,000 can do free cash withdrawal two times in a month. Those with an average monthly balance between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawal.
- Charges for transactions beyond the free limit are Rs 50 plus GST.
- Account-holders with an average monthly balance of Rs 25,000 can do free cash withdrawal two times in a month. Those with an average monthly balance between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawal. Charges for transactions beyond the free limit are Rs 50 plus GST.
