New SBI Rules To Be Implemented From April 1st
We all are aware of the news that A few days ago, private sector banks like Axis Bank, HDFC and ICICI has announced charges on the cash transactions. Now here comes one more shocking news to the SBI Bank customers. The State Bank of India (SBI) has also formulated the revised plans after a gap of five years. From 1st April 2017 onwards, the SBI will charge the penalty on non-maintenance of minimum balance on accounts. The Penalty is also applicable to the ATM transactions and other services. Have a glance at the New SBI Rules To Be Implemented From April 1st to be on the safe side.
Reserve Bank of india has given the permission to the SBI Bank to levy charges for breaching the minimum balance limit. Earlier in 2012, the State Bank of India had suspended the charges on breach of minimum balance limit.
SBI New Rules for ATM – SBI New Account rules
Here is the list of New SBI Rules To Be Implemented From April 1st, 2017:
- At first, it is mandatory that the bank account holders will have to maintain a minimum balance or Monthly Average Balance (MAB).
- From April 1, state bank of India will permit savings bank account holders to deposit cash three times a month at a free of cost. Apart from this, Rs. 50 plus service tax will be applicable for every other (Extra) transaction.
- For the current account holders, the cash transaction charges will be upto Rs 20,000/-.
- If the customers fail to maintain Monthly Average Balance (MAB) in accounts, then 50 to Rs 100 plus service tax per month will be applicable.
- The MAB and charges will vary according to the bank location. In the case of rural branches, it is minimum.
- In metropolitan cities, If the amount is below 75% of the Monthly Average Balance (MAB), Rs 100 plus service tax will be levied. If the amount is 50 percent or less of the MAB, Rs 50 plus service tax will be levied.
SBI ATM Withdrawal Limit Per Day 2017 – All You Need to Know about New ATM Transaction Charges
- If the no of transactions from ATMs of other banks is more than three then Rs. 20/- charge will be levied. Rs 10 charge will be levied for more than five withdrawals from SBI ATMs.
- There will be No charge on withdrawals from SBI ATMs only if the account holder maintains a minimum balance of Rs 25,000.
- In the case of withdrawals from ATMs of other banks, there will be no charge only if the balance exceeds Rs 1 lakh.
- PI/USSD transactions of up to Rs 1,000 – No Charge.
- SBI Bank will charge Rs 15 for SMS alerts per quarter from debit card holders who maintain an average quarterly balance of up to Rs 25,000 during the three months.
- For Unified Payments Interface (UPI) and Unstructured Supplementary Service Data (USSD), there will be no charge for transactions of up to Rs 1000.
- These are the New SBI Rules To Be Implemented From April 1st. Hence, be ready to face the consequences. If wish to be on safe side, then try to look at the prerequisites and act according to the SBI News Rules and regulations.
Revised Changes of ATM Transactions – All Banks
|Bank Name||Free transactions (month)||Fees for Transactions Beyond Free Limit|
|Own Bank ATM||Other Bank ATM||Financial||Non-Financial|
|HDFC Bank||5||3||Rs.20 + service tax||Rs.8.50 + service tax|
|Punjab National Bank||Unlimited||5||Rs.20||Rs.20|
|Axis Bank||5||3||Rs. 20+ service tax||Rs. 9.55|
|Kotak||Unlimited||5||Rs.20 + service tax||Rs.8.50 + service tax|
|ICICI Bank||5||3||Rs. 20+ service tax||Rs.8.50 + service tax|
|State Bank of India||Unlimited (for salary accounts)||Unlimited (for salary accounts)||–||–|
|Canara Bank||Unlimited||5||Rs.20 + service tax||Rs.10 + service tax|
|Bank of Baroda||Unlimited||Depends on the policies of those banks||Rs.20 + service tax||Rs.10 + service tax|
ATM withdrawal Charges for ATM – New SBI Rules and Regulations
|Average Monthly Balance||Same branch ATMs||Other Bank ATMs (metro)||Other Bank ATMs (non-metro)|
|Less than Rs.1000||5||3||5|
|More than Rs.1000 to Rs.25,000||5||3||5|
|More than Rs.25,000 to Rs.50,000||no limit||3||5|
|More than Rs.50,000 to Rs.1,00,000||no limit||3||5|
|More than Rs.1,00,000||no limit||no limit||no limit|
How to Avoid ATM Transaction Charges? – SBI New Rules 2017 onlinesbi.com
When we need cash, most of us will go to the nearest ATM. It is just a matter of habit. What all matter is convenience factor. We all rush to the nearest ATM in the case of money need. With the impose of new changes in ATM transactions, most of us will habituate to multiple trips to withdraw the cash. And the above mentioned New SBI Rules To Be Implemented From April 1st, 2017. Hence, we have formulated the simple tips to avoid paying the hefty charge.
Best Solution to the “New SBI Rules To Be Implemented From April 1st, 2017”
- By reducing the number of times you need to withdraw by swiping the ATM card. Instead, pay the cash where you have to pay the bill. most of the merchants and vendors are now using the card readers. Hence, save your valuable time in finding the ATM and the transaction charges.
- Adopt non-financial transactions like balance inquiries, mini statements etc., through mobile banking.
- Habituate to the bank’s online platform to conduct financial transactions. Download the banking app.
- Pay your bills online. One must have to move with the times and need to cope with the world.
By adopting these simple tips, you will save the charge and transactions for cash withdrawals. It will keep you away from the hefty fees.