SBI to Roll Out New Service Charges on October 1

Guwahati, September 12, 2019:

State Bank of India (SBI) will revise its service charges for deposits and withdrawal on October 1.

The SBI’s revised service will encompass cash withdrawal, average monthly balance, deposits, and withdrawals and will affect scores of customers in many ways.

Starting October 1, SBI has reduced the minimum average monthly balance requirement for urban centers from Rs 5,000 to Rs 3,000.

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If anyone does not maintain Rs 3,000 as average monthly balance and falls short by 50 percent, the individual will be charged Rs 10 plus GST and if one falls short by more than 75 percent, it will invite a fine of Rs 15 plus GST.

In semi-urban branches, SBI account holder will need to maintain an average monthly balance of Rs 2,000. In rural branches, the minimum average monthly balance will be Rs 1,000.

If the shortfall is less than 50 percent for semi-urban branches, then the extra charge will be Rs 7.50 plus GST. For between 50-75 percent, the fine is Rs 10 plus GST and for above 75 percent shortfall, the charge will be Rs 12 plus GST.

In case of AMB of Rs 1,000 at rural branches, a shortfall of less than 50 percent, charges are Rs 5 plus GST.

For shortfall of over 50 percent up to 75 percent, the fees will be Rs 7.50 plus GST, while shortfall over 75 percent will attract fine of Rs 10 + GST.

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