SBI New Rules From 1st April 2017
SBI Accountholders must be come in great stun after hearing the SBI New Rules From 1st April 2017. After the increase in levied charges for several private sector banks, namely ICICI Bank, HDFC Bank and Axis Bank, State Bank of India have come up with some new changes and modifications. With the effect of 01st April 2017 onwards, State Bank of India will levy penalty for the non-maintenance of minimum balance on the accounts. SBI has also come up with ATM New Rules & Charges in which it will charge Penalty as per the amount withdrawal by the bank account holders. So, to search out full fledge details on the new modifications and changes made by State Bank of India, have a peek at the SBI New Rules that are going to be put into practice from 1st April 2017.
In order to infringe charges on minimum balance limit in an account, Reserve Bank of India has give rules to authorize it. However in the year 2012, SBI has perched to charges breach of minimum balance limit. Now again in 2017, State Bank of India is ready to impose some new changes on the bank account holders. In this concern, members associated with SBI have also set up the revised plans after a break of five years.
New SBI Rules and Regulations (ATM Withdrawal)
|Average Balance for the Month||Other Bank ATMs (metro)||Other Bank ATMs (non-metro)||Same branch ATMs|
|Amount Less than Rs.1000||03||05||05|
|Amount More than Rs.1000 to Rs.25,000||03||05||05|
|Amount More than Rs.25,000 to Rs.50,000||03||05||No Limit|
|Amount More than Rs.50,000 to Rs.1,00,000||03||05||No Limit|
|Amount More than Rs.1,00,000||No Limit||No Limit||No Limit|
New Rules of SBI, Minimum Balance, ATM Charges
Below given is the list of SBI New Rules From 1st April 2017 that is going to affect the accountholders. Have a glance!!!!
- It is mandatory for SBI Account Holder to uphold a minimum balance or Monthly Average Balance (MAB) in their accounts.
- With the effect of 01st April 2017, bank account holders are permit to deposit cash three times during a month without any imposition of charges. Besides this, depositor have to submit Rs. 50/- as service tax on extra transaction.
- In case, if the bank account holder is unsuccessful in preserving the Monthly Average Balance in their accounts, then service tax from Rs.50/- to Rs.100/- will be charged.
- However, the cash transaction charges will be up to an amount of Rs.20, 000/-.
- In metropolitan cities, if the account has less than 75% of the Monthly Average Balance, then Rs.100 will be charged as penalty. In case, if amount in account is less than 50% of the Monthly Average Balance, then an amount of Rs.50/- will be imposed.
- Amount taken as penalty and Monthly Average Balance will be fluctuate according to the locations of the banks.
- In the case of rural branches, an amount of Rs.20 to Rs.50/- will be charged as penalty.
Requirement of Minimum Balance as per Locations
Limit Per Day for ATM Withdrawals
Some factors that you need to know about the new ATM Transaction Charges. Have a look!!!!
- If an account holders can withdrew the money more than three times, then a penalty of Rs.20/- will be charged. However, in case of five withdrawals or more Rs.10/- will be imposed.
- However, no penalty will be charged on withdrawals from the ATM of State Bank of India, if an account holder preserve the MBA up to Rs 25,000/-.
- In USSD as well as PI transactions up to an amount of Rs 1,000/- there will be no penalty.
- Thus, in an SBI Account Holder is withdrawing from ATM’S other Bank than SBI, then no penalty will be imposed only if the balance exceeds Rs 1, 00, 000/-.
- For SMS alerts, State Bank of India will charge Rs.15/- per quarter from debit card holders who maintain an average quarterly balance of up to Rs 25,000 during the three months.
State Bank of India has come up with these new changes and modifications in order to damping the account holders to visit the bank frequently. So, account holders are advised to diminish their way of visiting the banks and ATM’s time to time. So, in this queue you can make the payment online. As we are in 21st century, having an advance way to pay off, so move with time and survive with the upgraded world. One can also on go for mobile banking via non-financial transactions such as balance inquiries, mini statements etc.
So, above given are the SBI New Rules From 1st April 2017. SBI Bank Account Holders are advised to stay prepared to feature these new and modified consequences. Be on Safe side, withdraw and deposit as per new rules and regulations and avoid paying heft charges.
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