Explained: SBI charges for non-maintenance of monthly average balance, ATM withdrawal, Cash deposit
SBI Charges For Non-Maintenance of Monthly Average Balance, ATM withdrawal, Cash Deposit: The charges on various services offered by the State Bank of India (SBI) are among the ‘lowest’ in the country, according to the public sector bank’s managing director PK Gupta. He told news agency PTI that various services offered by SBI, including ATM transaction and cash deposits, come at a cost, but the charges have been kept low in the larger interest of customers.
Why SBI charges you for non-maintenance of monthly average balance
Gupta said SBI has invested heavily in technological upgradation of systems for providing safe and secure banking facilities at any place in the country. Further, ATMs and cash points have been created across the country, thereby making huge investment for benefit and convenience of customers. “With substantial investment in infrastructure and technology, it becomes imperative for the bank to recover at least a part of the cost. Considering the improvement in the quality of facilities and services extended to customers, the requirement of MAB in savings bank accounts was re-introduced from April 2017,” he told the news agency. Gupta further said charges on various services were reduced twice since last year. The first in October 2017 and then again in April this year. Gupta said, “Our charges are on the lower side when compared with the other private sector banks.”
60 per cent SBI customers exempt from charges!
Gupta said 60 per cent of the total savings account holders, including no-frill accounts, students and minors are exempt from requirement of MAB. SBI also givers free services like 5 free ATM transaction and two cash withdrawal at branches. He requested customers to use the digital channels as much as possible, since the ATM operations are becoming costlier day by day. SBI also offers reward points for digital transaction.
SBI charges for non-maintenance of monthly average balance
In April this year, SBI revised charges for non-maintenance of monthly average balance charges
SBI charges non-maintenance of monthly average balance: Exemptions
According to official website of SBI, the following customers don’t need to maintain monthly average balance.
– Financial Inclusion accounts including Jan Dhan accounts.
– No Frill accounts,
– Salary Package accounts,
– Basic Savings Bank Deposit accounts
– BSBDA- Small Accounts,
– Phela Kadam and Pheli Udaan accounts,
– Minors upto the age group of 18
– Pensioners of all categories
– Recipients of social security welfare benefits. (Direct Benefits).
– Students upto the age of 21 years.
SBI ATM transaction charges
– Domestic transactions at State Bank Group ATMs are free.
– Domestic transactions at other Bank ATMs – Up to 5 transactions during a calendar month (for savings bank account only)
– Other Bank ATMs – Beyond 5 transactions(in Savings account) AND other than savings account are charges as follows:
Financial Transaction – Rs 17 (including service tax)
Transaction decline due to insufficient balance: Rs 20 + GST
– Cardless Cash withdrawal at ATMs: R22 + GST
Non-Financial Transaction – Rs 6
SBI cash deposit charges
For Savings Bank (Including SURABHI Savings Bank account; Excluding Financial Inclusion account like Jan Dhan) Accounts:
– No. of cash deposit transactions in a month – 3 transactions free
Beyond 3 Transactions in a month (Excluding Alternate channel transactions) – Rs 50 + GST per transaction
For current account:
– Cash Deposit on Cash Points (Cash Deposit Machine – CDM & Cash Recyclers) – Anytime Channels
– By Debit Card to Card Linked account: Free
– Debit Card to Third Party account: ₹22 + GST
– Cardless Transactions: Rs 22 + GST
– SME insta Deposit/Business Debit Card: Rs 22 + GST