SBI New Rules Shocking !!
The PM Narendra Modi's decision of demonetization of high currency notes led to immense chaos across the country and 100+ people were died out side ATM queues. Demonetization is said to be one of the worst ever decisions in Indian history. And now, here are the after shocks of demonetization. All the banks of India are imposing penalties on cash deposits and withdrawals. Sbi's new guidelines for for cash withdrawals appeared to be horrible. Checkout the following.
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.
In metropolitan cities, there will be a charge of Rs 100 plus service tax, if the shortfall is below 75% of the MAB of Rs 5,000. If the shortfall is 50% or less of the MAB, then the bank will charge Rs 50 plus service tax. The charges and MAB varies according to the location of bank. It is minimum in case of rural branches.
As per the reports, Sbi suspended levying charges on breach of minimum balance requirements in 2012 to acquire new customers. The charges are now being reintroduced from April 1. 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 bank's 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.
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 months period. There will be no charge for UPI/ USSD transactions of up to Rs 1000.