Shocking| SBI Reintroduce Penalty on Non Maintenance of MAB

Countries Largest Bank is Making Things Harder for Public!!!

State Bank of India

It is shocking news to common man that After a gap of five years, State Bank of India has decided to introduce again penalty on non-maintenance of minimum balance in accounts from April 1, and revised charges on other services, including ATMs. The country’s largest bank will permit savings bank account holders to deposit cash three times a month free of charges and levy Rs. 50 plus service tax on every transaction beyond that. In case of current account, the levy could go as high as Rs. 20,000.

According to the list of revised charges of SBI, failure to maintain Monthly Average Balance (MAB) in accounts will attract penalty of up to Rs. 100 plus service tax. The charges and MAB varies according to the location of the bank. It will be minimum in case of rural branches.

The Reserve Bank has permitted banks to levy charges for breaching minimum balance limit.

Withdrawal of cash from ATMs will attract a charge of up to Rs. 20 if the number of transactions exceeds three from other banks' ATMs in a month and Rs. 10 for more than five withdrawals from SBI ATMs. However, SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs.25,000. In case of other banks’ ATM there will be no charge if the balance exceeds Rs. 1 lakh. It means if you are rich you don’t need to pay anything else you have to pay.

SBI will charge Rs. 15 for SMS alerts per quarter from debit card holders who maintain average quarterly balance of up to Rs. 25,000 during the three-month period.