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Wednesday , 23 August 2017
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SBI customers will now have to maintain a higher minimum balance; pay more for other charges

State Bank of India will now be charging more from millions of its customers across India, including those of the 6 lenders merged with it this month, for not maintaining minimum balance as well as for services like lockers and cheque books.

There is a high probability that other private sector banks will follow the suit and increase their banking charges.

From April 1, following is the list of changes that have been implemented :

  1. The monthly average balance requirement has been increased to as high as Rs.5000 for branches in six metros.
  2. SBI’s saving bank account holders have to maintain the monthly minimum balance or else they will invite a penalty ranging from Rs 20 to Rs 100 in metro cities according to SBI website.
  3. SBI has now decided to fix  separate MAB’s form metro,urban , semi-urban and rural areas from the beginning of next financial year.
  4. Not maintaining minimum balance will invite penalty of Rs 50 and Rs 100. For urban and semi-urban branches, the MAB has been fixed at Rs 3000 and Rs 2000 respectively.
  5. For rural branches, minimum balance has been fixed at Rs 1000
  6. These new rates effective form April 1 are not applicable on Surabhi, Basic savings Bank and PM Jan Dhan Yojana accounts.
  7. The bank has also increased locker rent and curtailed number of free locker usage in a year. After using 12 times,the customer has to pay Rs.100 plus service tax  for visiting for locker.
  8. For current account holders 50 cheques are free in a financial year and then after it will cost Rs 3 per leaf.
  9. A 25 leaf cheque book will cost Rs 75 plus service tax and 50 leaf will cost Rs. 150 excluding service tax.
  10. If one maintains Rs 25000 in SBI savings account, the n customer will be given benefit of using ATM unlimited number of time. However, the ATM over usage charges is applicable for usage over 5 times.

Till March 31,the monthly average balance for savings account was Rs 500 without cheque book facility and Rs 1000 with cheque book throughout the country.

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