SBI : Banking biggie, State Bank of India on Friday has announced that it will impose a penalty on its users who fail to maintain a minimum balance starting from April 1st. It has announced this development through its website. The bank had mentioned the charges that will be imposed on its customers from April 1 in its website.
For metropolitan areas, the mandatory minimum balance will be Rs 5,000. In urban, semi-urban and rural areas, the charges will be Rs 3,000, Rs 2,000 and Rs 1,000 respectively. Nevertheless, it must be mentioned that these charges will be based on the difference between the minimum balance required and the shortfall. For example, if the shortfall in metropolitan areas is more than 75 percent, the charges would be Rs 100 plus service tax.
According to the notification from the bank on new charges, if the shortfall is between 50-75 per cent, the bank would charge Rs 75 plus service tax. If the shortfall is below 50 percent, the person will be imposed with a charge of Rs 50 plus service tax. For rural areas, the penalty ranges from Rs 20-50 plus service tax, the bank notification read.
SBI Announces Penalty for non-maintenance of minimum balance
Also, the bank said it would bring this penalty issue into the light from April 1. It said that Rs 50 charge will be imposed on customers carrying out more than three cash transactions at its branch within a month. These charges are applicable right now as well.
An SBI official said that these cash transactions at branches already exist, adding that the same have been renewed for the coming financial year from April 1 onwards.
Starting from April 1st, SBI is going to impose fine on those customers who have less or zero balance in their accounts. The penalties change from area to area i.e., from urban, semi-urban and rural areas.
It has let the news known to one and everyone through its website. The charges will be imposed on the customers who don’t maintain a minimum balance in their accounts.