India’s largest bank State Bank of India (SBI) will revise service charges for deposits and withdrawal which will encompass cash withdrawal, Average Monthly Balance (AMB). These new rules will be implemented w.e.f., 1 October 2019.

Here is the revised advisory as per SBI for savings account of Metro and Urban branches; if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 75 per cent, it will invite a fine of Rs 15 plus GST.

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In semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000. In rural centres, the minimum average monthly balance will be Rs 1,000. If the shortfall is less than 50 per cent for semi-urban branches, then the extra charge will be Rs 7.50 plus GST. For between 50-75 per cent, the fine is Rs 10 plus GST and for above 75 per cent shortfall, the charge will be Rs 12 plus GST.

For Rural branches AMB of 1,000 should be maintained at all time, a shortfall of less than 50 per cent, charges are Rs 5 plus GST. For shortfall of over 50 per cent up to 75 per cent, the fees will be Rs 7.50 plus GST, while shortfall over 75 per cent will attract a fine of Rs 10 plus GST.

National Electronic Funds Transfer (NEFT) and Real-Time Gross Settlement (RTGS) charges have some changes as well. NEFT and RTGS transactions through digitized modes are free.

But, fund transfer in bank branches will attract charges. NEFT transaction up to Rs 10,000, will invite Rs 2 plus GST charges. Above Rs 10,000 to Rs 1 lakh will be Rs 4 plus GST. Above Rs 1 lakh upto Rs 2 lakh, charges will be Rs 12 plus GST. For a transaction above Rs 2 lakh via NEFT, the bank will charge Rs 20 plus GST.

For RTGS transfer between Rs 2 lakh to Rs 5 lakh, a customer must pay Rs 20 plus GST. RTGS transfer above Rs 5 lakh will be charged Rs 40 plus GST.

As per the new regulation charges on Deposits and Withdrawals are also levied. Cash deposits in a savings account will be free for up to 3 transactions in a month. After that, the account holder will be charged Rs 50 plus GST for every transaction. The maximum limit for deposit of cash at the non-home branch is Rs 2 lakh per day. Thereafter, the non-home branch manager gets to decide if the bank can accept more cash.

Meanwhile, account holders with an average monthly balance of Rs 25,000 can perform free cash withdrawal twice a month. Those with average monthly balances between Rs 25,000 to Rs 50,000 can avail 10 free cash withdrawal. And for ABM Rs 50,000 to Rs 1,00,000 can avail 15 free cash withdrawal Charges for transactions beyond the free limit are Rs 50 plus GST. While those above Rs 1,00,000 AMB are privileged with unlimited transactions.