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SBI New Rule for Cash Deposit from 1 October 2019.

Sbi rules, State Bank of india,




The State Bank of India will revise service charges for deposits and withdrawal on October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways. On the maintenance of average monthly balance (AMB), starting October 1, SBI has reduced the minimum average monthly balance requirement for urban centres from ₹5,000 to ₹3,000.


Under the revised rules, if someone does not maintain ₹3,000 as average monthly balance and falls short by 50 per cent (that is ₹1,500) the individual will be charged ₹10 plus GST. If the account holder falls short by more than 75 per cent, it will invite a fine of ₹15 plus GST. In semi-urban branches, SBI account holder needs to maintain an average monthly balance of ₹2,000. In rural branches, the minimum average monthly balance will be ₹1,000. If the shortfall is less than 50 per cent for semi-urban branches, then the extra charge will be ₹7.50 plus GST.


For between 50-75 per cent, the fine is ₹10 plus GST and for above 75 per cent shortfall, the charge will be ₹12 plus GST. In case of AMB of ₹1,000 at rural branches, a shortfall of less than 50 per cent, charges are ₹5 plus GST. For shortfall of over 50 per cent up to 75 per cent, the fees will be ₹7.50 plus GST, while shortfall over 75 per cent will attract a fine of ₹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 transaction up to ₹10,000, will invite ₹2 plus GST charges. For a transaction above ₹2 lakh via NEFT, the bank will charge ₹20 plus GST. For RTGS transfer between ₹2 lakh to Rs 5 lakh, a customer must pay ₹20 plus GST.


RTGS transfer above ₹5 lakh will be charged ₹40 plus GST. As per the new charges on Deposits and Withdrawals, 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 ₹50 plus GST for every transaction. The maximum limit for deposit of cash at the non-home branch is ₹2 lakh per day. Thereafter, the non-home branch manager gets to decide if the bank can accept more cash.


Meanwhile, account holders with an average monthly balance of ₹25,000 can perform free cash withdrawal twice a month. Those with average monthly balances between ₹25,000 to ₹50,000 can avail 10 free cash withdrawal. Charges for transactions beyond the free limit are ₹50 plus GST. For above ₹50,000 up to 1,00,000, the charges are ₹15 plus GST, while those above ₹1,00,000 have unlimited transactions.

NEW SBI ATM RULES FROM OCT 1ST:

Failed ATM Transactions Will Be Charged; Upto ₹20 Charge For ATM Transactions!




NEW SBI ATM RULES FROM OCT. 1ST:

Failed ATM Transactions Will Be Charged. The country’s largest lender State Bank of India, SBI has come up with reformed service charges, applicable from October 1st, 2019. While a couple of service charges will remain unchanged, others are surely tweaked to an extent and charges here are essentially loosened. One of the major highlights here is the reduction of charges levied on non-maintenance of Monthly Average Balance (MAB) by nearly 80%. The bank will also allow free transactions to its customers at ATMs for 8-10 times in a month.


NEW SBI SERVICE CHARGES TO ROLL-OUT FROM OCT 1ST:

Important Points to Remember about SBI ATM withdrawal charges Regular savings bank account holders will get 8 free ATM transactions, with 5 at SBI ATMs and 3 for other bank ATMs. In non-metro areas, this number will go up to be 10, i.e., savings bank account holders will get 5 free transactions from SBI ATMs and 5 from other bank ATMs. SBI shall charge a fee ranging from ?5 plus GST to ?20 plus GST for any additional transactions beyond this limit.


Starting from Oct 1st, SBI will charge? 20 plus GST for transaction decline due to insufficient balance. It will also charge ?22 plus GST for cardless cash withdrawal at ATMs. For all salary accounts at all locations, SBI offers free unlimited transactions at State Bank Group (SBG) ATMs and other bank ATMs.


For All Salary Package accounts at all locations, irrespective of variants, free and unlimited number of transactions at SBI ATMs, other Bank ATMs will be allowed. Charges for Not Maintaining a MAB will Reduce by 80% Currently, for metro and urban area branches, one needs to maintain at least ₹5,000 and ₹3000 in their SBI savings accounts. Starting October 1st, this minimum balance will fall down to ₹3,000 both for metro area branches as well as urban area ones. Anyone failing to maintain this amount shall be charged a penalty for the same.


This penalty however has fallen down to ₹15 from ₹80, which is more than 80%. Also, at present charges per month for non-maintenance of MAB are incurred on SB accounts, including Surabhi SB. From October 1, the exclusion will include All Salary Package Accounts, No Frill Accounts, Basic Savings Bank Deposit, Small and PMJDY accounts, Pehla Kadam and Pehli Udaan accounts, Minors up to the age group of 18, Pensioners of all categories, Recipients of social security welfare benefits(Direct Benefits) and accounts for students up to the age of 21 years.




NEFT, RTGS, Cash Withdrawals and Savings Bank Account Charges For cash withdrawals, the maximum limit for the same at Non-Home Branches for a savings account holder is ₹50,000. For the savings bank account, first 10 cheque leaves will be free in a financial year. After this limit, 10 Leaf Cheque Book at ₹40 + GST and 25 Leaf Cheque Book at ₹75 +GST will be charged. For Senior Citizens and Salary Package Accounts, cheque leaves will be free. Image Source "New


SBI ATM RULES FROM OCT 1ST:

Failed ATM Transactions Will Be Charged; Upto ₹20 Charge For ATM Transactions!", 3 out of 5 based on 4 ratings.


SBI UPDATE: ATM charges, cash withdrawal, minimum balance rules to change soon-

The State Bank of India has revised its service charges for ATM services as well as deposits and withdrawal. The revised charges come into effect on October 1st. A significant change is that the bank has completely done away with monthly limits on Internet and mobile banking transactions. Now, SBI customers can enjoy unlimited such transactions, instead of a maximum of 40 for those with savings account balance of up to ₹25,000 in the previous month.

Here's a detailed look at what SBI customers have in store next month: Average Monthly Balance requirement The country's largest lender has reduced the average monthly balance (AMB) for urban centers from ₹5,000 to ₹3,000. Under the revised rule, if someone does not maintain ₹3,000 as AMB in a savings bank account and falls short by 50 per cent (that is ₹1,500), the customer will be charged ₹10 plus GST. If the account holder falls short by more than 75 per cent, a penalty of ₹15 plus GST will be imposed.


Till last April, the changes for non-maintenance of AMB in savings accounts stood much higher, at ₹30-50 plus tax depending on the shortfall. In semi-urban branches, SBI account holder needs to maintain an AMB of ₹2,000, while the same in rural branches is ₹1,000. Fund transfer charges While online National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) transactions are free, conducting such fund transfers at a bank branch will incur a fee. For the record, while the RTGS system is primarily meant for large value transactions, with the minimum cap set at ₹2 lakh, NEFT is for smaller amounts. Deposits and withdrawals 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 ₹50 plus GST for every transaction.


Maximum limit for deposit of cash at non-home branch is ₹2 lakh per day. Thereafter, non-home branch manager gets to decide if the bank can accept more cash. Meanwhile, account holders with an AMB of ₹25,000 can avail of two free cash withdrawals per month, while those with AMB in the ₹25,000 - 50,000 bracket get 10 free cash withdrawals. There is no such cap for customers with AMB of above ₹1 lakh, but those in the ₹50,000-1 lakh bracket will get 15 free cash withdrawals. The charge for transactions beyond the free limit stands at ₹50 plus GST.


Free ATM transactions Customers with AMB of up to ₹25,000 in their savings accounts, will enjoy five free transactions at SBI ATMs, covering both financial and non-financial transactions. There is no cap for those with a higher AMB. In addition, all customers in non-metro cities can avail five free transactions at other banks' ATMs. The ceiling for customers in the metros - namely Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad - is three free transactions at non-SBI ATMs.


Financial transactions beyond the above mentioned limits will cost ₹10 plus GST at SBI's ATMs and double that at other lenders' machines. Non-financial transactions will cost ₹5-8 plus GST depending on the ATM used. This covers services such as balance enquiry, placing a cheque book request, payment of taxes and funds transfers. Moreover, declined transactions due insufficient balance will still incur a fee of ₹20 plus GST.


Interchangeability option SBI also allows one way interchangeability between branch and ATM transactions. This means that a customer with AMB of up to ₹25,000 will be allowed a maximum of 10 free debit transactions at the metro cities provided they stick to bank owned ATMs and do not avail of the two free cash withdrawal transactions at a branch.


Similarly, those in the non-metros can enjoy up to 12 free debit transactions. Charges for getting a debit card Not all debit cards offered by the bank come free of charge. SBI charges ₹100 for issuing a Gold Debit Card and ₹300 for the platinum one, not including GST. In addition, if your ATM card or kit is returned by the courier due to wrong address submission, you will have to shell out a little over ₹100. Also read: SBI drops IPO plans for general insurance arm; SBI Card listing likely in Q4.




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Teacher Notes: SBI New Rule for Cash Deposit from 1 October 2019.
SBI New Rule for Cash Deposit from 1 October 2019.
Sbi rules, State Bank of india,
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