Be ready to spend more
Starting from April 1, State Bank of India will levy fresh charges on account holders – on their minimum account balance, ATM use and other cash-transaction.
What should be the minimum balance?
For metropolitan areas, the minimum balance is Rs 5000.
In urban, semi-urban and rural areas, the charges will be Rs 3,000, Rs 2,000 and Rs 1,000 respectively.
What are the charges?
In metro cities, SBI will levy a penalty of Rs 100 plus service tax if the account balance falls below 75 percent of the minimum account balance of Rs 5000.
If the shortfall is between 50-75 percent, the bank would charge Rs 75 plus service tax.
If the account balance is 50 percent or less of the minimum account balance, the Rs 50 plus service charge will be levied.
For rural areas, the penalty ranges from Rs 20-50 plus service tax, the bank notification said.
On depositing cash in accounts
Savings account holders are allowed to deposit cash in their accounts three times a month free of charge and a charge Rs 50 plus service charge would be levied on every transaction beyond that.
On ATM withdrawal
Withdrawal of cash from ATMs will attract a charge of up to Rs 20 if the number of transactions exceeds three from other bank’s ATMs in a month and Rs 10 for more than five withdrawals from SBI ATMs.