New rules in SBI starting October 2019

In India many new rules related to banks are applied since 1 October 2019. You should know about these rules because these are direct connected with pocket.

India’s largest government bank State bank of India (SBI) has announced few new rules applicable from 1 October 2019. These are related to monthly average balance in account, debit transactions in metro and other cities, Cash deposit in bank, limit on cash deposit, NEFT & RTGS charges etc. Some important changes in rules are given below.

Average Monthly Balance Maintenance

As per new rule of SBI, average monthly balance will reduce for urban areas, starting 1 October 2019. Earlier it was Rs 5,000, which has been changed to Rs 3,000.
For semi-urban branches of SBI, required monthly balance is Rs. 2000 and rural branch’s account holders need to maintain average monthly balance Rs. 1000.

As per revised rule of SBI, if account holder does not maintain Rs 3,000 average monthly balance then there are various conditions for charges.
Below are charges detail for metro and urban branches

  1. If amount is 50% of Average Monthly Balance i.e. Rs 1,500, then charges will be Rs 10 + GST
  2. If amount is between 50% to 75% then charges will be Rs 12 + GST
  3. If amount is less more than 75% then Rs 15 + GST will be applicable.

For semi-urban branches of SBI below charges will applicable

  1. If amount is 50% of Average Monthly Balance i.e. Rs 1,500, then charges will be Rs 7.50 + GST
  2. If amount is between 50% to 75% then charges will be Rs 10 + GST
  3. If amount is less more than 75% then Rs 12 + GST will be applicable.

For rural branch’s account holder charges if doesn’t maintain average monthly balance.

  1. If amount is 50% of Average Monthly Balance i.e. Rs 1,500, then charges will be Rs 5 + GST
  2. If amount is between 50% to 75% then charges will be Rs 7.50 + GST
  3. If amount is less more than 75% then Rs 10 + GST will be applicable.

Cash Deposit & Withdrawals

SBI has announced big changes in cash deposit and withdrawals. Cash deposit in saving accounts will have limit and cash can be deposit 3 times for free in a month after that Rs 50 + GST charge will applicable for every transaction after limit.
Apart from this in non home branches cash deposit limit is Rs 2 Lakh per day .

Withdrawals will depend on average monthly balance of account holder.

  1. If average balance in month is up to Rs 25000 then number of free transactions per month are
    a. 5 in SBI ATMs
    b. 3 in other banks ATMs in metro
    c. 5 in other banks ATMs in other cities
  2. If average balance in month is between Rs 25,000 – Rs 100,000 then number of free transactions per month are
    a. Unlimited in SBI ATMs
    b. 3 in other banks ATMs in metro
    c. 5 in other banks ATMs in other cities
  3. If average balance in month is above to Rs 100,000 then number of free transactions per month are
    a. Unlimited in SBI ATMs
    b. Unlimited in other banks ATMs in metro
    c. Unlimited in other banks ATMs in other cities

NEFT & RTGS

National Electronic Funds Transfer (NEFT) & Real Time Gross Settlement (RTGS) are revised. If you are doing it digitally then it is free. Charges will applicable at branches. It means online transfer, NEFT, RTGS via your mobile or computer by using net banking will free of cost. But if you are doing it at branch then it will chargeable.

  1. Up to Rs. 10,000 charges will be Rs 2 + GST
  2. Between Rs 10,000 to Rs 100,000 charges will be Rs 4 + GST
  3. Between Rs 1 Lakh to Rs 2 Lakh charges will be Rs 12 + GST
  4. More than Rs 2 Lakh charges will be Rs 20 + GST

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