SBI to make these changes from October 1

If you are a SBI customer, then from October 1 many changes are going to happen for you. The bank is going to change several rules on 1 October. First of all, if you do not keep minimum balance maintenance in your account, you will get the benefit of reduction of 80 percent in the charge. Apart from this, transactions will also become cheaper through NEFT and RTGS. Minimum balance in urban cities will be reduced from 5000 to 3000 rupees. Under the change in the new rules, if a customer is unable to keep a minimum balance of Rs 3000 in their account and the amount decreases to 1500 then they will be charged a charge of Rs 10 plus GST. If the minimum balance of one’s account is reduced by more than 75% from Rs 3000, then penalty can be Rs 15 plus GST, which is currently Rs 80 and GST.

At the same time, in Semi Urban Branch, SBI customers will have to maintain a monthly minimum balance of Rs 2000 in their account. A minimum balance of Rs 1000 will have to be maintained in the rural branch. In the semi-urban branch, if the customer is able to maintain a balance less than 50 percent, then they will have to pay Rs 7.50 plus GST. For maintaining the amount between 50 and 75 percent, GST will have to be charged with a charge of Rs 10. Maintaining the amount above 75 percent will incur a charge of Rs 12 and GST.

The monthly branch will have to maintain a monthly average maintenance of Rs 1000 and if a customer maintains less than 50 per cent, then he will have to pay Rs 5 plus GST, more than 50 per cent and Rs 7.50 plus GST up to 75 per cent. A fee of more than 75 percent will be charged at Rs 10 plus GST will also have to be paid.

There will also be a change in the fee for National Electronic Funds Transfer (NEFT) and real-time gross settlement (RTGS). This digital payment medium is free and its fees are levied at the branch. NEFT transactions up to Rs 10,000 will attract Rs 2 plus GST. For NEFT of more than 2 lakhs, you will have to pay a plus GST at Rs 20. At the same time, on sending Rs 2 lakh to 5 lakh from RTGS, the customer will have to pay Rs 20 plus GST. Transactions above Rs 5 lakh will attract Rs 40 plus GST.

For RTGS, between Rs 2 lakh and Rs 5 lakh the customer has to pay Rs 20 GST. RTGS transfer of more than Rs 5 lakh will attract GST of Rs 40.

According to the new change, if a customer deposits and withdraws thrice in a month, this transaction will be free. For each subsequent transaction, it will be Rs 50 plus GST.

The maximum limit for depositing cash in a non-home branch is Rs 2 lakh per day. The non-home branch manager will then decide if they will accept more cash.

Account holders with an average monthly balance of Rs 25,000 can withdraw free cash twice a month. With an average monthly balance of between Rs 25,000 and Rs 50,000, you can avail 10 free cash withdrawals. For Rs 50,000 and up to Rs 1,00,000, there is a fee of Rs 15 plus GST, while customers above Rs 1,00,000 can do unlimited transactions.