SBI rules for monthly balance and withdrawals are revised - Check rules to avoid penalty

State Bank of India will revise service charges wef 1^st October 2019 which will cover cash withdrawal, average monthly balance, deposits and withdrawals.

Monthly Average Minimum Balance

Monthly average balances are to be maintained according to SBI branches classification such as rural, urban, semi-urban and metro categories

Under the revised rules, SBI has reduced the Minimum Average Monthly Balance requirement for urban centres from Rs 5,000 to Rs 3,000.  If the account holder fails to maintain minimum balance by 50 % (that is Rs 1,500) then the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 75%, it will invite a fine of Rs 15 plus GST to the account holder.

For semi-urban branches, holders need to maintain an average monthly balance of Rs 2,000 respectively. In rural branches, the minimum average monthly balance will be Rs 1,000. If the shortfall is less than 50% for semi-urban branches, then the extra charge will be Rs 7.50 plus GST. For between 50-75%, the fine is Rs 10 plus GST and for above 75% shortfall, the charge will be Rs 12 plus GST.

As far as rural branches are concerned, if the AMB has a shortfall of less than 50%, charges are Rs 5 plus GST. For shortfall of over 50% up to 75%, the fees charged will be Rs 7.50 plus GST, while shortfall over 75% will attract fine of Rs 10 + GST.

NEFT / RTGS

National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) charges are also set to be changed.

NEFT transaction up to Rs 10,000, will invite Rs 2 plus GST charges. For a transaction above Rs 2 lakh via NEFT, the bank will charge the holder Rs 20 plus GST.

For RTGS transfer between Rs 2 lakh to Rs 5 lakh, customers need to pay Rs 20 plus GST. RTGS transfer above Rs 5 lakh will be charged Rs 40 plus GST.

Deposit and Withdrawal Rules

Cash deposits in a savings account will be free for up to 3 transactions in a calendar month. After which the account holder will be charged Rs 50 plus GST for every cash deposit.

The maximum limit for deposit of cash at the non-home branch is Rs 2 lakh per day. If customer need to deposit more, he need to take approval of the non-home branch manager.

As far as withdrawals are concerned, account holders with an average monthly balance of Rs 25,000 can perform 2 free cash withdrawal. Those with average monthly balances between Rs 25,000 to Rs 50,000 can avail 10 cash withdrawals free of charge. Charges for transactions beyond the free limit are Rs 50 plus GST.

For above Rs 50,000 up to 1,00,000, the charges are Rs 15 plus GST, while those above Rs 1,00,000 have unlimited transactions.

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