Best Solutions to the New SBI Rules To Be Implemented From April 1st, 2017

From tomorrow (1 April 2017), State Bank of India will be implementing the changes they announced a month back.

As private sector banks like Axis Bank, HDFC and ICICI has announced charges on the cash transactions State Bank of India (SBI) has also formulated the revised plans after a gap of five years. From Tomorrow onwards, the SBI will charge the penalty on non-maintenance of minimum balance on accounts. The Penalty is also applicable to the ATM transactions and other services. Have a glance at the New SBI Rules To Be Implemented From Tomorrow to be on the safe side.

If you are unaware of these new rules or could not understand it properly and needed way to avoid penalties Here is the brief info about them.

 

  • 3 times deposit free in your account. After more than 3 times deposit, you will pay 50/- per deposit.
  • The failure to maintain Monthly Average Balance (MAb) in accounts will call for a penalty between Rs 50 to Rs 100 plus service tax per month.
  • Minimum 3000/- balance to be maintained in city/town branch account.
  • Minimum 5000/- balance to be maintained in metro city branch account.
  • Minimum 2000/- balance to be maintained in semi-urban area branch account.
  • In metropolitan cities, If the amount is below 75% of the Monthly Average Balance (MAB), the charges levied will be Rs 100 plus service tax. If the amount is 50 percent or less of the MAB, then the fees levied will be Rs 50 plus service tax. These charges differ in case of rural branches.
  • SBI customers can do transactions from ATM charge free for five transactions and after that Rs 10 will be levied for more than five withdrawals. If the number of transactions from ATMs of other banks exceeds three, it will attract a charge of up to Rs 20.
  • Unlimited SBI ATM use without any charges, If you maintain 25000/- in your SBI savings account.
  • Rs 15 will be charged for SMS facility for alerts per quarter from Debit Card Holders who maintain the average quarterly balance of Rs 25,000 in three months period.
  • For Unified Payments Interface (UPI) and Unstructured Supplementary Service Data (USSD), there will be no charge up to Rs 1000.
  • Unlimited SBI & OTHER BANK ATM use without any charges, If you maintain 100000/- in your SBI savings account.

The Monthly Average Balance of Rs 5000 in a branch in Metropolitan City then:

  • Shortfall <=50% = Rs 50/- + Service Tax.
  • Shortfall >=50-75% = Rs 75/- + Service Tax.
  • Shortfall > 75% = Rs 100/- + Service Tax

The Monthly Average Balance of Rs 3000 in a branch in the Urban area then:

  • Shortfall <=50% = Rs 40/- + Service Tax.
  • Shortfall >=50-75% = Rs 60/- + Service Tax.
  • Shortfall > 75% = Rs 80/- + Service Tax

The Monthly Average Balance of Rs 2000 in a branch in the Semi- Urban area then:

  • Shortfall <=50% = Rs 25/- + Service Tax
  • Shortfall >=50-75% = Rs 50/- + Service Tax.
  • Shortfall > 75% = Rs 75/- + Service Tax.

The Monthly Average Balance of Rs 2000 in a branch in the Rural area then:

  • Shortfall <=50% = Rs 20/- + Service Tax
  • Shortfall >=50-75% = Rs 30/- + Service Tax.
  • Shortfall > 75% = Rs 50/- + Service Tax

 

Not just on Minimum Balance, SBI has revised charges for many other Services

 

Explanation of Terms

  • QAB – Quarterly Average Balance
  • MAB – Monthly Average Balance
  • CA – Current Account

Here is a brief snapshot of the other revised charges.

Description Existing Charges Revised Charges
Multi City Cheque Books for Savings Account If QAB < Rs 25,000

 

50 cheque leaves free per year, thereafter Rs 3 + ST (per leaf)

If QAB >= Rs 25,000

50 cheque leaves free per year, thereafter Rs 2 + ST (per leaf)

If QAB < Rs 1,00,000

 

25 cheque leaves free per year, thereafter Rs 3 + ST (per leaf)

If QAB >= Rs 1,00,000/-

Free

Senior Citizens

Free (irrespective of QAB)

Multi City Cheque Books for Current Account First 100 leaves free,

 

thereafter Rs 2 + ST (per leaf)

First 50 leaves free,

 

thereafter Rs 3 + ST (per leaf)

Account Closure Charges Within 14 days – Nil

 

From 14 days-upto 6 months –

Rs 255 (individual)

Rs 1019(non – individual)

After 6 months but before 12 months –

Rs 153 (individual)

Rs 509 (non- individual)

Within 14 days – Nil

 

From 14 days-upto 6 months –

Rs 500 (individual)

Rs 1000 (non-individual)

After 6 months but before 12 months –

Rs 1000 (individual)

Rs 1000 (non- individual)

Balance Certificate Rs 102 Rs 150
No dues Certificate Rs 102 Rs 100 (individual)

 

Rs 200 (non-individual)

Photo Attestation charges Rs 102 Rs 150
Postal charges Ordinary – Rs 15

 

Regd/Speed post/courier Rs 36

Ordinary – Actual Expenditure (Min Rs 20)

 

Regd/Speed post/courier – Actual Expenditure (Min Rs 50)

Collection of Outstation Cheques Up to Rs 5,000 (Rs 28)

 

From Rs 5,000 – 10,000 (Rs 56)

From Rs10,000 – Rs 1 Lakh (Rs 112)

From Rs 1 Lakh – 5 Lakh (Rs 225)

From Rs 5 Lakh – 10 Lakh (Rs 253)

Above Rs 10 Lakh (Rs 281- Max)

Up to Rs 10,000 (Rs 50)

 

From Rs10,000 – Rs 1 Lakh (Rs 100)

Above Rs 1 Lakh (Rs 200)

NEFT Charges (through Net Banking) Up to Rs 10,000 (Rs 2)

 

From Rs10,000 – Rs 1 Lakh (Rs 4)

From Rs 1 Lakh – 2 Lakh (Rs 12)

Above Rs 2 Lakh (Rs 20)

No Change
RTGS Charges (through Net Banking) From Rs 2 Lakh – 5 Lakh (Rs 25)

 

Above Rs 5 Lakh (Rs 45)

No Change
IMPS/UPI Charges Up to Rs 1,000 – Nil

 

From Rs 1,000 – 10,000 (Rs 2)

From Rs10,000 – Rs 1 Lakh (Rs 4)

From Rs 1 Lakh – 2 Lakh (Rs 12)

No Change
Number of Cash Transactions in a Month (Savings Account)  3 transactions free

 

Beyond 3 Transactions in a month

Rs 50 per Transaction

No Change
Issue of Demand Draft/ Bankers’ Cheque Up to Rs 5,000 (Rs 10)

 

From Rs 5,000 – 10,000 (Rs 41)

From Rs10,000 – Rs 1 Lakh (Rs 51 minimum or Rs 3 per thousand)

From Rs 1 Lakh – 5 Lakh (Rs 306 minimum or Rs 3 per thousand)

Up to Rs 5,000 (Rs 25)

 

From Rs 5,000 – 10,000 (Rs 50)

From Rs10,000 – Rs 1 Lakh (Rs 60 minimum or Rs 5 per thousand)

Above Rs 1 Lakh (Rs 600 minimum or Rs 4 per thousand)

Maximum Rs 2000

Locker (Small) Metro/Urban – Rs 1100

 

Semi-Urban/Rural – Rs 800

Metro/Urban – Rs 1500

 

Semi-Urban/Rural – Rs 1000