The country’s largest lender State Bank of India, SBI has come up with reformed service charges, applicable from October 1, 2019. While a couple of service charges will remain unchanged, others are surely tweaked to an extent and charges here are essentially loosened.
One of the major highlights here is the reduction of charges levied on non-maintenance of Monthly Average Balance (MAB) by nearly 80%. The bank will also allow free transactions to its customers at ATMs for 8-10 times in a month.
Important Points to Remember about SBI ATM withdrawal charges
- Regular savings bank account holders will get 8 free ATM transactions, with 5 at SBI ATMs and 3 for other bank ATMs.
- In non-metro areas, this number will go up to be 10, i.e., savings bank account holders will get 5 free transactions from SBI ATMs and 5 from other bank ATMs.
- SBI shall charge a fee ranging from ?5 plus GST to ?20 plus GST for any additional transactions beyond this limit.
- Starting from Oct 1, SBI will charge ?20 plus GST for transaction decline due insufficient balance.
- It will also charge ?22 plus GST for cardless cash withdrawal at ATMs.
- For all salary accounts at all locations, SBI offers free unlimited transactions at State Bank Group (SBG) ATMs and other bank ATMs.
- For All Salary Package accounts at all locations, irrespective of variants, free and unlimited number of transactions at SBI ATMs, other Bank ATMs will be allowed.
Charges for Not Maintaining a MAB will Reduce by 80%
Currently, for metro and urban area branches, one needs to maintain at least Rs 5,000 and Rs 3000 in their SBI savings accounts. Starting October 1, this minimum balance will fall down to Rs 3,000 both for metro area branches as well as urban area ones.
Anyone failing to maintain this amount shall be charged a penalty for the same. This penalty however has fallen down to Rs 15 from Rs 80, which is more than 80%. Also, at present charges per month for non-maintainence of MAB are incurred on SB accounts, including Surabhi SB.
From October 1, the exclusion will include All Salary Package Accounts, No Frill Accounts, Basic Savings Bank Deposit, Small and PMJDY accounts, Pehla Kadam and Pehli Udaan accounts, Minors up to the age group of 18, Pensioners of all categories, Recipients of social security welfare benefits(Direct Benefits) and accounts for students up to the age of 21 years.
NEFT, RTGS, Chash Withdrawals and Savings Bank Account Charges
For cash withdrawals, the maximum limit for the same at Non-Home Branches for a savings account holder is Rs 50,000. For the savings bank account, first 10 cheque leaves will be free in a financial year.
After this limit, 10 Leaf Cheque Book at Rs 40 + GST and 25 Leaf Cheque Book at Rs 75 +GST will be charged. For Senior Citizens and Salary Package Accounts, cheque leaves will be free.