SBI says penalty only after April 24
Bombay: Account holders at the State Bank of India and its associated banks can breathe a sigh of relief. The country’s largest public sector lender has indicated that it will not impose a penalty for violating the minimum balance rule until April 24.
An SBI spokesperson said that merging the data of the five banks – State Bank of Jaipur and Bikaner, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore – was a mammoth task and will last. until April. 24 to be completed.
âThe synchronization process will need to be completed to start all operations from a common platform. Once this process is completed, SBI’s fees would become applicable to these customers â, The time of India quoted the manager.
The SBI has set the minimum balance to be kept in the accounts of branches of metropolitan cities at Rs 5,000. In addition, Rs 3,000, Rs 2,000 and Rs 1,000 have been decided as the minimum balance requirement for accounts in urban, semi-urban and rural branches of the bank.
Failure to meet the required minimum balance at the end of the month would result in a penalty of Rs 100 and a service tax. This applies to account holders in metropolitan cities.
With this, the public sector banking giant also revised its cash transaction fees, especially those made at its ATMs.
Under the new fees, SBI will charge Rs 10 for each transaction made after five transactions using its debit / credit cards at its ATMs. There will be no charge for three transactions for other banks at its ATMs. After the limit, a non-SBI client will be charged Rs 20 which does not include the service tax.