GUWAHATI: State Bank of India (SBI) will revise its service charges starting from October 1, 2019.
The charges for some of its services will remain the same. However, there are a few other services where the charges have been revised downwards.
There is good news for people who were finding it hard to maintain an Average Monthly Balance (AMB), as the Minimum Account Balance (MAB) has been slashed down to nearly 80 percent. While Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transactions have been made lucrative, cash withdrawal charges at branches have been revised.
Cash Withdrawals:
Based on the Minimum Account Balance (MAB), there will be a few free transactions allowed every month. Account holders who maintain a monthly average account balance of Rs. 25,000 will get two free transactions in a month from their respective branches.
Similarly, if a person has AMB between Rs. 25,000 to Rs. 50,000, he/she will get the benefit of 10 free transactions. Post the free transactions, each transaction will be charged Rs. 50 (plus GST) irrespective of the AMB.
However, online transactions have been made free and one can make unlimited transactions.
ATM Charges:
For people who have AMB up to Rs 25,000, they will get 3 transactions free at the 6 metro locations, 5 at non-metros if such transactions are made at another bank’s ATM. For transactions at SBI ATM, there will be no charge up to 5 transactions in a month. The number of free transactions per month will include both financial and non-financial transactions.
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