Thiruvananthapuram

26°C

Haze

Enter word or phrase

Look for articles in

Last Updated Saturday June 24 2017 10:52 PM IST

SBI will soon fine you for not keeping a minimum balance in account

Text Size
Your form is submitted successfully.

Recipient's Mail:*

( For more than one recipient, type addresses seperated by comma )

Your Name:*

Your E-mail ID:*

Your Comment:

Enter the letters from image :

SBI announces penalty for non-maintenance of minimum balance from April 1

New Delhi: Making it compulsory for account-holders to maintain a minimum balance, the State Bank of India (SBI) said on Thursday said it will be charging defaulters a penalty from April 1 onwards.

Making maintenance of Rs 5,000 mandatory for accounts in metropolitan areas, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas, the SBI listed out the charges to be effective from April 1.

These charges will be based on the difference between the minimum balance required and the shortfall. For metropolitan areas, if the shortfall is greater than 75 percent. the charges would be Rs 100 plus service tax.

If the shortfall is between 50-75 percent, the bank would charge Rs 75 plus service tax and for below 50 percent shortfall, a fee of Rs 50 plus service tax would be levied, according to the SBI notification of new charges.

Similarly, for rural areas, the penalty for non-maintenance of minimum balance ranges from Rs 20-50 plus service tax, it said.

The public sector lender would also renew from April 1, the Rs 50 charge for people carrying out over three cash transactions at its branch within a month. This charge is applicable currently as well. However, there is no upper limit on the amount of cash transacted.

"These cash transaction charges at branches are already existing. The same have been renewed for the next financial year from April 1. It is to deter the customers from visiting the branch but the charges are very nominal. As it is, the customer does not need to visit the branch often because we provide 10 free withdrawals in a month from ATMs," a SBI official told IANS.

Your form is submitted successfully.

Recipient's Mail:*

( For more than one recipient, type addresses seperated by comma )

Your Name:*

Your E-mail ID:*

Your Comment:

Enter the letters from image :

The opinions expressed here do not reflect those of Malayala Manorama. Legal action under the IT Act will be taken against those making derogatory and obscene statements.

Email ID:

User Name:

User Name:

News Letter News Alert
News Letter News Alert