State Bank of India,one of the country's largest bank, and has revised service charges on the various transactions, including cash deposits and for not maintaining the average monthly balance in savings accounts. Charges will apply as of April 1,in this year 2020.While three cash deposit transactions will be free in one month, beyond three transactions, the bank will charge Rs 50 plus service tax for each transaction after the third transacton. In the case of ATM transactions, after the allowed number of free transactions, SBI will charge Rs 20 (plus service tax) per transaction.
The bank has also imposed service charges for failure to maintain the average monthly balance in urban, metropolitan and rural centers.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.