In a new development, the State Bank of India announced on Friday that
it’s account-holders will be penalised for not maintaining a minimum
balance from April 1 onwards. In a statement on its website, the bank
had listed out charges to be made effective from April 1. For
metropolitan areas, the mandatory minimum balance will be Rs 5,000. In
urban, semi-urban and rural areas, the charges will be Rs 3,000, Rs
2,000 and Rs 1,000 respectively. However, it must be mentioned that
these charges will be based on the difference between the minimum
balance required and the shortfall. For instance, if the shortfall in
metropolitan areas is more than 75 per cent, the charges would be Rs 100
plus service tax.
According to bank’s notification of the new charges, if the shortfall is
between 50-75 per cent, the bank would charge Rs 75 plus service tax.
If the shortfall is below 50 per cent, a charge of Rs 50 plus service
tax would be levied. For rural areas, the penalty ranges from Rs 20-50
plus service tax, the bank notification said.
Additionally, the bank also said it would renew from April 1, the Rs 50 charge for customers carrying out more than three cash transactions at its branch within a month. However, this charge is applicable currently as well. In a separate interview to news agency IANS, an SBI official said that these cash transactions at branches already exist, adding that the same have been renewed for the coming financial year from April 1 onwards.
Additionally, the bank also said it would renew from April 1, the Rs 50 charge for customers carrying out more than three cash transactions at its branch within a month. However, this charge is applicable currently as well. In a separate interview to news agency IANS, an SBI official said that these cash transactions at branches already exist, adding that the same have been renewed for the coming financial year from April 1 onwards.
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