State bank of india (SBI) announced yesterday that from april 1st SBI account holders will be penalize for not maintaning minimum balance in their accounts.And for metropolitan areas,the minimum balance will be Rs,5000 and its mandatory.In urban and rural areas the charges will be 2000 to 3000 respectively.Where as in the semi-urban areas 2000 to 1000. SBI also mentioned that these charges will be based on difference between minimum balance and the shortfall.If there is shortfall in metropolitan areas their will be more than 75%,the charges would be Rs.100 plus service tax.
According to the latest bank's notification of the new charges,if the shortfall is 50-75 % the bank will charge Rs.75 plus service tax.If the shortfall is below 50% the bank will charge 50% plus service tax.For rural areas, penalty ranges from 20-50 plus service tax.
Additionally the bank also announced that from april 1st, all the SBI customers will charge 50 for transactions.For first three transactions it is free from fourth transaction it will charge Rs.50 , Customer doesn't need to visit branch often because they already providing 10 free withdrawals in a month from ATMs.
SBI makes compulsory for account-holders to maintain a minimum balance in accounts.
After three transactions it will charge Rs.50.For first three transactions its free.
The bank will be charging defaulters penalty from April 1.
Charges will be based on the difference between minimum balance and shortfall.