SBI New Rules from 1st April 2017
The SBI has declared new rules regarding deposits and ATM in its notification- SBI New Rules from 1st April 2017. SBI has decided to increase manifold the minimum balance required for maintaining saving accounts from April 1, 2017. It is going to affect 31 crore depositors including pensioners and students. As we all are aware that SBI is one of the leading commercial bank.
New SBI Rules for ATM, Account 2017
The five associate banks of SBI are going to merge with country’s largest lender, State Bank of India (SBI) with effect from April1, 2017. The undertaking of SBBJ (State Bank of Bikaner & Jaipur), SBM (State Bank of Mysore), SBT (State Bank of Travancore), SBP (State Bank of Patiala) and SBH (State Bank of Hyderabad) will vest in the hands of State Bank of India (SBI). The cabinet sanctioned this acquisition on February 15, 2017. Prior to this, SBI first merged State Bank of Saurashtra with itself in 2008 and later on State Bank of Indore.
SBI New Rules for ATM Machine 2017
With the upcoming merger of the five associates with SBI, SBI is expected to have an asset base of Rs.37 trillion (Rs.37 lakh crore), 22,500 branches and 58,000 ATMs. It will be overtaking 50 crore customers as well. As of now SBI has more than 31 crore saving Bank Accounts.
SBI Bank April Rules 2017
SBI New Rules from 1st April, As we all know that private sector banks like ICICI, HDFC etc. have imposed restrictions on cash transactions by announcing charges. Now is the turn of SBI to shock its customers by bringing new policies in existence after a period of five years. SBI New Rules from 1st April onwards, SBI is going to charge a penalty on non-maintenance of minimum balance on accounts. The penalty will also be applicable on ATM transactions and other services. With the permission of Reserve Bank of India (RBI), SBI has decided to levy charges for breaching the minimum balance limits. Earlier in 2012, the State Bank of India had suspended the charges on breach of minimum balance limit.
SBI Bank April New ATM Transaction Rules 2017
Given below are the new changes that will come into existence from April 1, 2017/SBI New Rules from 1st April 2017
- It is mandatory for the bank holders to maintain minimum balance (MAB) in their a/c, which is explained below.
- Savings bank account holders will be permitted to deposit cash three times a month free of cost. Apart from this, Rs. 50 + service tax will be applicable for every other (Extra) transaction.
- For the current account holders, the cash transaction charges will be levied up to 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 description of charges is given below.
- 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.
Charges of Non maintenance of Minimum Balance Limit (MAB)
|Description of Service charge||Revised rate|
|Charges per month for non maintenance of MAB: saving Bank Account including Surabhi SB(Excluding CSP, Basic Savings Bank small and PMJDY accounts)|
|Metro MAB of Rs.5000/-|
|Urban MAB of Rs.3000/-|
|Semi-Urban MAB of Rs.3000/-|
|Rural MAB of Rs.3000/-|
Further details are:
The Monthly Average Balance of Rs 5000 in a branch in Metropolitan City then:
|Shortfall <=50%||Rs 50/- + Service Tax.|
|Shortfall >=50-75%||Rs 75/- + Service Tax.|
|Shortfall > 75%||Rs 100/- + Service Tax|
The Monthly Average Balance of Rs 3000 in a branch in the urban area then:
|Shortfall <=50%||Rs 40/- + Service Tax|
|Shortfall >=50-75%||Rs 60/- + Service Tax.|
|Shortfall > 75%||Rs 80/- + Service Tax|
The Monthly Average Balance of Rs 2000 in a branch in the Semi- Urban area then:
|Shortfall <=50%||Rs 25/- + Service Tax|
|Shortfall >=50-75%||Rs 50/- + Service Tax.|
|Shortfall > 75%||Rs 75/- + Service Tax.|
The Monthly Average Balance of Rs 1000 in a branch in the rural area then:
|Shortfall <=50%||Rs 20/- + Service Tax|
|Shortfall >=50-75%||Rs 30/- + Service Tax.|
|Shortfall > 75%||Rs 50/- + Service Tax|
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