SBI customers, note these new rules and service charges

The State Bank of India (SBI) has revised its various service charges starting from today. These changes will affect customers availing certain services from the lender such as ATM usage, deposits and withdrawal, among others.

Here is a detailed look at the new charges on various SBI services:

The lender has reduced the average monthly balance (AMB) for urban and metro centres from Rs 5,000 to Rs 3,000 and that of semi-urban and rural branches to Rs 2,000 and Rs 1,000 respectively.

In urban and metro centres, any account that has a balance less than half of the required amount will be charged Rs 10 and GST. Those accounts with a shortfall of 50 to 75 percent will be required to pay Rs 12 and GST, whereas those with over 75 percent shortfall will be charged Rs 15 plus GST.

 Semi-urban and rural branches showing a shortfall of 50 percent will be charged Rs 7.50 and Rs 5 respectively. The same accounts will be charged Rs 10 and Rs 7.50 respectively if the shortfall is within the 50-75 percent mark. Semi-urban accounts with over 75 percent shortage will be imposed a penalty of Rs 12. 

While NEFT and RTGS transactions through digital means are free, fees are imposed at branches.

NEFT transaction up to Rs 10,000 will have Rs 2 plus GST charges. For a transaction above Rs 2 lakh via NEFT, the bank will charge Rs 20 plus GST.

For RTGS transfer between Rs 2 lakh and Rs 5 lakh, the customer must pay Rs 20 plus GST. RTGS transfer above Rs 5 lakh will be charged Rs 40 plus GST.

Cash deposits in a savings account 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. Thereafter, the non-home branch manager gets to decide if the bank can accept more cash.

While account holders with an average monthly balance of Rs 25,000 can perform free cash withdrawal twice a month. Those with average monthly balances between Rs 25,000 and Rs 50,000 can avail 10 free cash withdrawal. Charges for transactions beyond the free limit are Rs 50 plus GST.

For Rs 50,000 to 1,00,000, the charges are Rs 15 plus GST, while those above Rs 1,00,000 have unlimited transactions.

Customers who have maintained a monthly average balance of up to Rs 25,000 are allowed up to 5 transactions per month free of cost at SBI ATMs and 8 at other banks ATM.

Customers maintaining a monthly average balance above Rs 25,000 and up to Rs 100,000 can do unlimited free transactions at SBI ATMs and 8 at other banks ATM.

Those having a balance above the Rs 1,00,000 mark can do unlimited transactions irrespective of the bank.