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 :
- The monthly average balance requirement has been increased to as high as Rs.5000 for branches in six metros.
- 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.
- SBI has now decided to fix separate MAB’s form metro,urban , semi-urban and rural areas from the beginning of next financial year.
- 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.
- For rural branches, minimum balance has been fixed at Rs 1000
- These new rates effective form April 1 are not applicable on Surabhi, Basic savings Bank and PM Jan Dhan Yojana accounts.
- 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.
- For current account holders 50 cheques are free in a financial year and then after it will cost Rs 3 per leaf.
- A 25 leaf cheque book will cost Rs 75 plus service tax and 50 leaf will cost Rs. 150 excluding service tax.
- 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.