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India’s Largest Bank With A New Design To All Account Holders

MoneyMindz.com India's First Free Online / On-call Financial Advisory / Best Free Financial Advice

MoneyMindz.com India’s First Free Online / On-call Financial Advisory / Best Free Financial Advice

After the step of charging Rs. 150 taken by three private sector banks recently, the biggest bank of India, SBI has also come up with a same idea lately but with small intention. The chargeable amount will be lesser than the private banks and the method will be levied from April.

The positive aspects:

  1. The bank will start charging Rs 50 after the first three cash deposits of the month. This limit is prescribed for saving bank accounts.
  2. For current account holders the cash transaction charges can be as high as Rs 20,000.
  3. There will be no charge on withdrawals from SBI ATMs if the account holder maintains a minimum balance of Rs 25,000
  4. There will be no charge for UPI/ USSD transactions of up to Rs 1000.
  5. Cash withdrawal from ATMs will be charged after the first three transaction for other banks and first five transactions from SBI ATMs.

The dark sides are:

  1. The bank account holders will have to maintain a minimum balance or Monthly Average Balance (MAB)
  2. Failing to maintain the minimum balance can attract a fee up to Rs 100 plus service tax
  3. The charges and MAB varies according to the location of bank. It is minimum in case of rural branches.
  4. In metropolitan areas like Delhi, Mumbai, Chennai and Bengaluru there will be a charge of Rs 100 plus service tax, if the balance goes below 75 per cent of the minimum average balance.
  5. If the account holder is falling short of 50 per cent or less of the MAB, then the bank will charge Rs 50 plus service tax.
  6. The account holder will be charged Rs 20 after the three transactions from other bank ATMs and will be charged Rs 10 for withdrawals from SBI ATMs.
  7. In case of other bank ATMs, the account holder will have to keep a minimum sum of Rs 1 lakh to avoid withdrawal charges.
  8. Rs 15 will be charged for SMS alerts per quarter from debit cardholders who manage to maintain average quarterly balance of up to Rs 25,000 during the three months period.

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