State Bank of India has decided to resume the charge on savings account holders for failing to maintain the monthly average balance in their accounts. Take a look at some other charges with effect from April 1, 2017.
Issue of chequebook
First 50 cheque leaves free in a financial year. Thereafter Rs 3 and service tax per cheque leaf has to be given for availing cheque book. 25 leaf cheque book can be got by paying Rs 75 plus service tax.
MAB
Savings bank account holders of SBI and its five associates will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities).
As of now, monthly average balance (MAB) for a savings bank account is Rs 500 without the facility of the cheque book and Rs 1,000 with cheque book across the country.
Charges per month for non -maintenance of monthly average balance (MAB): current account current accounts (for all segments) (MAB – Rs 10,000/-)
Penalty for not MAB
Penalty for not MAB for metro branches will be Rs 5,000 and penalty for non-maintenance of minimum balance will be between Rs 50 and Rs 100. For urban and semi-urban branches, the MAB has been fixed at Rs 3,000 and Rs 2,000 respectively. In the case of rural branches, the minimum balance has been fixed at Rs 1,000. Breach of MAB will attract a penalty ranging between Rs 20 and Rs 50.
Statement of account
Current account statement of account (First/original): Monthly (For all segments) are free
Duplicate statement (For all Segments) Rs. 100/- + service tax per page (40 entries).
Cash handling charges
Cash deposit transactions: No. of free cash deposit transactions in a month are 3 transactions. Beyond 3 transactions in a month (Excluding Alternate channel transactions), customers have to pay Rs 50/-+ service tax per transaction. There is no restriction of cash deposit at non-home branches for savings bank accounts. In the case of the current account, the levy could go as high as Rs 20,000.
