State Bank of India has revised it Service charges for various transactions occurring at different levels by various modes at Banks. Details of these transaction can be seen at SBI internet portal www.sbi.co.in. However there are some important charges that come across in our daily banking activity and therefore must be know to each one of us. The important one are putting limits on number of free cash deposits allowed, levying charges for cash withdrawal from ATMs, Minimum a/c balance charges. These charges can be seen as the preliminary steps towards demonetization drive started by PM Narendra Modi.
Limits on Cash Deposits
Cash Deposits at Branch:
From 1st April 2017, SBI revised its rates of Service charges on every transaction as well as deposits limits. It has started levying cash handling charges to reduce the cash transaction numbers and promote cashless payments. Now there are only three cash deposits allowed at Home Branch in a months.
Service Charges beyond 3 cash deposits in a month = Rs.50/- + Service Charge# , per Transaction
# As per current service tax of 15% this amounts to Rs. 7.5/-
However there is no restriction on number of cash deposits in non-home branch for saving accounts.
For normal current account per day Rs 25000/- deposits is allowed free. Beyond that Rs.0.75 per 1000 +Service tax will be charged. There are different limits and charges for Power Gain, Power Pack, Power Base & Power Jyoti current a/c, more details can be found at www.sbi.co.in.
Cash Deposits at CDM:
Service Charges for depositing cash at Cash Depositing Machine (CDM) is revised w.e.f 01.04.2017. There is no limit on depositing by Debit/ATM Card to linked a/c is, therefore is free service by the bank. However transferring fund to any third party a/c is chargeable.
Service charge (third party Transaction) at CDM = Rs.22/- +Service Tax#
# As per current service tax of 15% this amounts to Rs. 3.3/-
ATM Withdrawal Charges
There is no changes on limits on numbers of free withdrawal from ATMs. In Metros total eight free withdrawal is allowed for Normal Saving A/c (five from SBI ATMs and three from ATMs of other banks). In Non Metro Cities two more withdrawal is allowed from Non-SBI ATMs, it means total 10 free withdrawal from ATMs (5 SBI & 5 Non-SBI ATMs). After crossing these limits there is service charge of Rs.25 levied on each withdrawal at ATMs. You will also be charged same for using ATMs while having insufficient fund in a/c and your transaction is declined.
Service Charge on ATMs transaction =Rs. 20/- + Service Tax#
# As per current service tax of 15% this amounts to Rs. 3.0/-
If you are using Mobile wallet to withdraw cash from ATMs then the Service charge applicable is Rs. 22/-+ Service tax.
Service Charges on Not Maintaining Minimum ( MAB ) A/c Balance
RBI has permitted Banks to levy Minimum balance Non-maintenance charges. A minimum balance to be maintained is named as MAB or Monthly Average Balance. SBI has revised rates for not maintenance monthly average balance in savings bank a/c. This charges vary from rural to metro region. The charge is as per percentage shortfall in MAB e.g if shortfall is 50 % than the charges is Rs.50+Service tax. The details are given below.
Transaction Service Charges & ATMS related Service Charges on Saving Bank Accounts
The service charges on every financial transaction beyond a set limits is given below. These charges are applicable after consuming the allowed free transaction on various category.
|MONTHLY AVERAGE BALANCE (MAB) in SAVING BANK +||FREE TRANSACTION PER MONTH|
INTERNET / MOBILE BANKING
|UPTO RS 1,000/-||2||20||5||5|
|RS 1,001/- TO RS 25,000/-||2||40||5||5|
|RS 25,001/- TO RS 50,000/-||10||UNLIMITED||UNLIMITED||5|
|RS 50,001/- TO RS 1,00,000/-||15||UNLIMITED||UNLIMITED||5|
|ABOVE RS 1,00,000/-||UNLIMITED||UNLIMITED||UNLIMITED||UNLIMITED|
|CHARGES BEYOND FREE LIMIT|
Rs. 50 +S.T
|Rs.5 + S.T|
|Rs. 10 + S.T|
Rs. 20 + S.T