Attention SBI account holders! New bank service charges, penalties from today. Details inside

SBI new service charges and penalties: India's largest lender, State Bank of India (SBI) has revised its service charges and penalties with effect from today, i.e 1st October 2019. The bank has revised service charges including fee for non-maintenance of average monthly balance (AMB), ATM withdrawal from SBI branches and cash deposit transactions. 

According to revised service charges, SBI Bank allows a certain amount of cash deposits and withdrawals to its customers, exceeding which, the bank charges penalty. The bank has categorised branches into three categories—metro, semi-urban and rural branches. The bank has also adopted the repo rate as the external benchmark for its floating-rate loans. 

Here are SBI's new service charge and penalties that you must know about if you are an SBI customer:

SBI ATM Withdrawal Charges: 

From October 1, SBI will allow 8-10 free ATM transactions in a month for its customers with average monthly balance (AMB) of up to Rs 25,000 in their savings accounts. 

For customers with AMB above Rs 25,000: SBI will allow unlimited transactions at its own ATMs. 

However, the free transaction limit at other banks' ATMs would remain the same for all customers — three transactions in metro cities and 5 transactions at ATMs in other cities and towns.

Charges: Those customers who exceed the free transactions limit will have to pay a fee ranging from Rs 5 plus GST to Rs 20 plus GST.

Cardless cash withdrawals at ATMs will be charged at Rs 22 plus GST.

However, there's relaxation for SBI salary account holders, who will continue to enjoy unlimited free transactions at all ATMs.

Monthly Cash withdrawal and Charges:

There will be two free cash withdrawals for SBI account holders with AMB of up to Rs 25,000 at bank branches. Those with AMB between Rs 25,000 to Rs 50,000 will get 10 free cash withdrawals.

Free cash withdrawals for customers with AMB above Rs 50,000:

Above Rs 50,000 and up to Rs 1,00,000: 15 free cash withdrawals

Above Rs 1,00,000: Unlimited

Charges for transactions beyond the free limit Rs 50 plus GST (per transaction).

Non-Maintenance of Average Monthly Balance (AMB):

State Bank of India (SBI) has categorised accounts into three categories - metro and urban centre branches, semi-urban centre branches and rural centre branches.

SBI allows AMB and failing to maintain the amount, the bank charges a certain amount of penalty, depending upon the category of the customer's branches.

Metro & Urban Centre branches

AMB of ₹3000

Shortfall <=50% ₹10 +GST

Shortfall >50 –75% ₹12 +GST

Shortfall > 75% ₹15 +GST

In semi-urban branches, SBI account holder needs to maintain an average monthly balance of ₹2,000.

Semi-Urban Centre branches

AMB of ₹2000

Shortfall <=50% ₹7.50 +GST

Shortfall >50 –75% ₹10 + GST

Shortfall > 75% ₹12+GST

And, in rural branches, the average monthly balance is ₹1,000.

Rural Centre branches

AMB of ₹1000

Shortfall <=50% ₹5 +GST

Shortfall >50 –75% Rs7.50 +GST

NEFT and RTGS Fee Charges:

Revising the National Electronic Fund Transfer (NEFT) Charges, SBI will now charge Rs 4 plus GST on transactions between Rs 10,000 and up to Rs 1 lakh. For transactions above Rs 1 lakh and up to Rs 2 lakh, SBI would charge Rs 12 plus GST and for amount above Rs 2 Lakh, the charges would be Rs 20 plus GST.

NEFT transaction at branches

Upto ₹10,000 - ₹2 + GST

Above ₹10,000 and upto ₹1 lakh - ₹4 + GST

Above ₹1 lakh and upto ₹2 lakh - ₹12 + GST

Above ₹2 lakh - ₹20 + GST

RTGS transaction at branches

For RTGS transfer between ₹2 lakh to ₹5 lakh, a customer will now have to pay ₹20 plus GST. RTGS transfer above ₹5 lakh will be charged ₹40 plus GST.

₹2 lakh to ₹5 lakh ₹20 +GST

Above ₹5 lakh ₹40 +GST

Fund Transfer Through Digital Mode: 

Irrespective of the AMB, the fund transfer through Internet or Mobile Banking will be free for SBI customers and one can make unlimited transactions.

Cash Deposit Transactions:

SBI will allow three free cash deposit transactions in a month. After this, customers will have to pay Rs 50 plus GST per transaction.

For more details on SBI revised service charge, customer may click on the following link: