SBI to revise deposits and withdrawals service charges from October 1

From October 1, the State Bank of India will revise service charges for deposits and withdrawal. The new service charges will include cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways.

Maintenance of average monthly balance (AMB)

From October 1, for urban centres, the SBI has reduced the minimum average monthly balance requirement from Rs 5,000 to Rs 3,000.

AMB of Rs 3000 at Metro & Urban Centre branches

Shortfall less than 50% : Rs 10 + GST

Shortfall in range of 50 -75%: Rs 12 +GST

Shortfall more than 75%: Rs 15 +GST

In semi-urban branches, the account holder needs to maintain an average monthly balance of Rs 2,000.

AMB of Rs 2,000 at Semi-Urban Centre Branches

Shortfall less than 50% : Rs 7.50 +GST

Shortfall in range of 50 -75% : Rs 10 + GST

Shortfall more than 75% : Rs 12 + GST

In rural branches, the average monthly balance is Rs 1,000.

AMB of Rs 1,000 at Rural Centre Branches

Shortfall less than 50% : Rs 5 +GST

Shortfall in range of 50 -75% : Rs 7.50 +GST

Shortfall more than 75% : Rs 10 +GST

National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) charges are also set to change. While NEFT and RTGS transactions through digital means are free, fees are imposed at branches.

NEFT Transactions at Branches

Upto Rs 10,000 : Rs 2 +GST

Above Rs 10,000 and upto Rs 1 lakh: Rs 4+ GST

Above Rs 1 lakh and upto Rs 2 lakh: Rs 12+ GST

Above Rs 2 lakh: Rs 20 +GST

In a savings account, cash deposits will be free for up to 3 transactions in a month. After that, the account holder will be charged Rs 50 plus GST for every transaction. The maximum limit for deposit of cash at the non-home branch is Rs 2 lakh per day. Non-home branch manager gets the authority to decide if they can accept more cash.

Account-holders with an average monthly balance of Rs 25,000 can do free cash withdrawal two times in a month. Those with an average monthly balance between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawal. Charges for transactions beyond the free limit is Rs 50 plus GST.

Free monthly cash withdrawal from SBI branches:

Average Monthly Balance (AMB) in Savings Bank

Up to Rs 25,000: Rs 2 plus GST

Above Rs 25,000 up to Rs 50,000: Rs 10 plus GST

Above Rs 50,000 up to 1,00,000: Rs 15 plus GST

Above Rs 1,00,000: Unlimited transaction