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New SBI cash transaction rules to be implemented from Apr 1

SBI

New Delhi:  After a gap of five years, the State Bank of India (SBI) has decided to reintroduce penalty on non-maintenance of minimum balance in accounts from April 1, and revised charges on other services, including ATMs.

From April 1, SBI will permit savings bank account holders to deposit cash three times a month free of charge. Beyond that, it will charge Rs 50 plus service tax for every transaction.

In case of current account, the levy could go as high as Rs 20,000.

Earlier, SBI announced that its account holders will be penalised for not maintaining a minimum balance from April 1 onwards.

Making maintenance of Rs 5,000 mandatory for accounts in metropolitan areas, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas, the SBI listed out the charges to be effective from April 1.

These charges will be based on the difference between the minimum balance required and the shortfall. For metropolitan areas, if the shortfall is greater than 75 per cent. The charges would be Rs 100 plus service tax.

According to the SBI notification of new charges, if the shortfall is between 50-75%, the bank would charge Rs 75 plus service tax and for below 50 per cent shortfall, a fee of Rs 50 plus service tax would be levied,

Similarly, for rural areas, the penalty for non-maintenance of minimum balance ranges from Rs 20-50 plus service tax, it said.

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