After the Private Banks like Axis, HDFC, and ICICI came up with charges on deposits and withdrawals, its now the government run State Bank Of India which gave a shock to its customers. SBI said that it is mandatory for the account holder to maintain a minimum balance in his/her account. If there is no minimum balance maintained in the account the customer will be fined accordingly said the released statement.
Except the account under Pradhanmantri Jandhan Yojana, basic savings and CSP all the saving accounts will be charged from the next financial year starting from April 1st 2017. According to an SBI communication, minimum account balance (MAB) for those with accounts at branches in metropolitan areas would be Rs 5,000. If the difference between the MAB and the actual amount in the account is 50 per cent or Rs 2,500, SBI will slap a charge of Rs 50. If the difference is between 50 and 75 per cent, SBI will charge Rs 75, and till 100 per cent, it will charge Rs 100. For rural areas, MAB is lower — Rs 1,000. The penalty for not maintaining MAB is also much lower.
Money wallets of private and Public banks are collecting the service fees. After transferring the amount into the money wallets , and not using the amount and if you transfer the amount to the original bank account, a few banks are imposing a service charge of Rs.100. On a fresh note even the largest national Bank SBI has decided to collect a service fees of 2 to 3 percent regarding its money wallet. It also imposed sanctions on the ATM withdrawals. If your account is in Hyderabad the its only three times that you can withdraw money from ATM. If you try a transaction in the ATM without enough funds in your account that will also considered to be a transaction and the customer will be fined with Rs.20.
Coming to the deposits in the bank, if a customer makes a deposits money more than three times in a month he/she would be charged a service charge of Rs 50. The money withdrawals using a SBI debit card in other bank ATM to three times if it exceeds more than 3 times a service charge of Rs. 20 will be collected. The money withdrawals made in the SBI ATM is limited to 5 times exceeding which an amount of Rs 10 would be charged. If the Account holder has a savings of Rs.25000, He/she can use the debit cards only in the SBI ATM any number of times. If the customer account has an amount of RS 1 Lakh in his savings account he/she can use the SBI debit card in other ATM’s any number of times. All these new rules will come into effect from April 1st 2017 said SBI.
