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SBI revises service charges w.e.f Oct 1. Here's a look at what has changed

Here is the look at the charges that SBI will charge you with effect from October 1, as per its website.

ET Online|
Updated: Oct 03, 2019, 09.25 AM IST
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The State Bank of India (SBI) has announced various changes in the service charges which will effective from October 1. These service charges include number of free transactions per month via ATM, including both financial and non-financial transactions, issue of multi-city cheque books for savings bank account, stopping a payment instruction, revision of charges per month for non-maintenance of Average Monthly Balance (AMB) and so on.

Here is the look at the charges that SBI will charge you with effect from October 1, as per its website.

  • Number of ATM withdrawals
For accounts having AMB up to Rs 25,000, the bank will be offering up to 8 ATM transactions including financial and non-financial ones. Similarly for account holders having AMB between Rs 25,000 and Rs 50,000 can avail unlimited ATM transaction at the SBI's own ATMs.

Number of free transactions per month (Both Financial and Non-financial)
Other Bank ATMs Other Bank ATMs
AMB in Savings Bank In 6 Metro Centres Other Centres Our Bank ATM
Upto ₹25,000/- 3 5 5
Above ₹25,000/- upto ₹50,000/ 3 5 Unlimited
Above ₹50,000/- upto ₹1,00,000/- 3 5 Unlimited
Above ₹1,00,000/- Unlimited Unlimited Unlimited

However, for the financial transactions conducted at other bank's ATMs beyond the set limit, you will be charged Rs 20 plus GST. For non-financial transactions, you will be charged Rs 8 plus GST.



For financial transactions at SBI's own ATMs, financial transactions will be charged at Rs 10 plus GST and non-financial transactions will be charged at Rs 5 plus GST. If the transaction is declined due to insufficient balance irrespective of whether card was wiped at SBI ATM or other bank, then you will be charged Rs 20 plus GST.

  • Issue of multi-city cheque book
SBI will issue only 10 cheque leaves free in a financial year for savings bank account holders. Thereafter, additional 10 leaf cheque books will be issued at Rs 40 plus GST. For 25 leaf cheque books, the bank will charge you Rs 75 plus GST.

For senior citizens, no such charges have been imposed. Similarly, for salaried accounts, no restrictions have been imposed on number of cheque leaves except for bulk requirement.

  • Stopping payment instructions
If you wish to stop a payment from your savings bank account, then you will be charged Rs 100 plus GST per instrument, maximum Rs 500 plus GST per instance.

  • Charges on non-maintenance of AMB in your savings account
If your bank branch is in Metro and Urban Centre, then you are required to maintain AMB of Rs 3,000. For semi-urban centre, savings account holders are required to maintain AMB of Rs 2,000. In rural centre branches, the AMB requirement is Rs 1,000.

If the AMB falls, the required level, then charges will be levied as follows:
AMB of ₹3000/- at Metro & Urban Centre branches
Shortfall <=50% ₹10/- +GST
Shortfall >50 –75% ₹12/- +GST
Shortfall > 75% ₹15/- +GST

AMB of ₹2000/- at Semi-Urban Centre branches
Shortfall <=50% ₹7.50/- +GST
Shortfall >50 –75% ₹10/- + GST
Shortfall > 75% ₹12/-+GST

AMB of ₹1000/- at Rural Centre branches
Shortfall <=50% ₹5/- +GST
Shortfall >50 –75% ₹7.50-+GST
Shortfall > 75% ₹10/-+GST

  • Account closure charges
Closing your bank account after 14 days of opening and before one year of completion will cost you Rs 500 plus GST. However, there will be no charges if account is closed after one year of account opening.

  • Internet banking transactions
NEFT transaction up to Rs 2 lakh done via net banking or mobile banking will be free of cost. Similarly, RTGS transactions up to Rs 5 lakh done via net banking or mobile banking will be free of cost. However, this will apply only for transactions originated and payable in India.

For NEFT and RTGS transactions, done at bank branch, the charges will be as follows:

NEFT Customer Transactions (Transactions at branches)
Upto ₹10,000/- ₹2/-+GST
Above ₹10,000/- and upto ₹1.00 lakh ₹4/-+GST
Above ₹1.00 lakh and upto ₹2.00 lakh ₹12/-+GST
Above ₹2.00 lakh ₹20/-+GST

RTGS Customer Transactions (transactions at branches)
₹2.00 lakh to ₹5.00 lakh ₹20/-+GST
Above ₹5.00 lakh ₹40/-+GST

  • Cash deposit transactions
SBI is offering three transactions free every month for deposit of cash. If the cash deposit transaction exceeds three, then Rs 50 plus GST will be charged per transaction.

  • Cash withdrawal at home and non-home branch
The number of free cash withdrawals at a branch will be dependent on the AMB of your account. If the transaction exceeds beyond the specified limit, then you will be charged Rs 50 plus GST per transaction.

Cash withdrawals at home
AMB in Savings Bank Number of free cash withdrawals per month
Upto ₹25,000/- 2
Above ₹25,000/- upto ₹50,000/- 10
Above ₹50,000/- upto ₹1,00,000/- 15
Above ₹1,00,000/- Unlimited

As a savings bank account holder, you can withdraw up to Rs 50,000 at non-home branch.

  • Other charges
Getting your signature verified will cost Rs 150 plus GST in per instance.

If your ATM Card or ATM kit returned by courier due to wrong address, then you will be charged Rs 100 plus GST.

Also Read

IRCTC to restore service charges on e-tickets

SBI revises service charges for deposits and withdrawals from October 1

Pakistan is 'making business out of faith': Harsimrat Kaur Badal on Kartarpur service charge

IRCTC to restore service charges on e-tickets from September 1; Rs 15 for non-AC, Rs 30 for AC classes

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