After hue & cry, SBI revises penalty for non-maintenance of Monthly Average Balance

3

After hue & cry about hefty charges for non-maintenance of Monthly Average Balance (MAB), SBI has revised penalty amount for non-maintenance of MAB along side revising MAB criteria. 

After hue & cry about hefty charges on non-maintenance of Monthly Average Balance (MAB), the largest bank in the country, State Bank of India has revised penalty amount. These will be applicable from 01st October, 2017.

Revised criteria for Monthly Average Balance (MAB) in Savings Bank Accounts 

Penalty for Non-maintenance of Monthly Average Balance (MAB) in Savings Accounts

SBI has exempted the following categories of savings accounts from the MAB requirement

  • Financial Inclusion Accounts
  • Basic Savings Bank Deposit Accounts
  • Small Accounts
  • Phela Kadam and Pheli Udaan accounts
  • Accounts held by minors up to the age group of 18 (Primary Account Holder)
  • Accounts held by pensioners, all categories, including recipients of social welfare benefits

Penalty for Non-maintenance of Monthly Average Balance (MAB) in Current Accounts

Explanation of Terms

  • QAB – Quarterly Average Balance
  • MAB – Monthly Average Balance
  • CA – Current Account

Here is a brief snapshot of the other charges as on date

Description Earlier ChargesCurrent Charges
Multi City Cheque Books for Savings AccountIf QAB < Rs 25,000

50 cheque leaves free per year, thereafter Rs 3 + ST (per leaf)

If QAB >= Rs 25,000

50 cheque leaves free per year, thereafter Rs 2 + ST (per leaf)

If QAB < Rs 1,00,000
25 cheque leaves free per year, thereafter, 

  • 10 Leaf Cheque Book at Rs 30 +GST. 
  • 25 Leaf Cheque Book at Rs 75 +GST.
  • 50 Leaf Cheque Book at Rs 150 +GST

If QAB >= Rs 1,00,000
Free

Senior Citizens
Free (irrespective of QAB)

Multi City Cheque Books for Current AccountFirst 100 leaves free,

thereafter Rs 2 + ST (per leaf)

First 50 leaves free,

thereafter Rs 3 + GST (per leaf)

Account Closure ChargesWithin 14 days – Nil

From 14 days-upto 6 months –

Rs 255 (individual)

Rs 1019(non – individual)

After 6 months but before 12 months –

Rs 153 (individual)

Rs 509 (non- individual)

Within 14 days – Nil

After 14 days

Rs 500 + GST (individual)

Rs 1000 + GST (non-individual)

 

Balance CertificateRs 102Rs 150 + GST
No dues CertificateRs 102Rs 100 + GST (individual)

Rs 200 + GST  (non-individual)

Photo Attestation chargesRs 102Rs 150 + GST
Postal chargesOrdinary – Rs 15

Regd/Speed post/courier Rs 36

Ordinary – Actual Expenditure (Min Rs 20 + GST)

Regd/Speed post/courier – Actual Expenditure (Min Rs 50 + GST)

Collection of Outstation ChequesUp to Rs 5,000 (Rs 28)

From Rs 5,000 – 10,000 (Rs 56)

From Rs10,000 – Rs 1 Lakh (Rs 112)

From Rs 1 Lakh – 5 Lakh (Rs 225)

From Rs 5 Lakh – 10 Lakh (Rs 253)

Above Rs 10 Lakh (Rs 281- Max)

Up to Rs 10,000 (Rs 50 + GST)

From Rs10,000 – Rs 1 Lakh (Rs 100 + GST)

Above Rs 1 Lakh (Rs 200 + GST)

NEFT Charges (through Net Banking)Up to Rs 10,000 (Rs 2)

From Rs10,000 – Rs 1 Lakh (Rs 4)

From Rs 1 Lakh – 2 Lakh (Rs 12)

Above Rs 2 Lakh (Rs 20)

Up to Rs 10,000 (Re 1 + GST)

From Rs10,000 – Rs 1 Lakh (Rs 2 + GST)

From Rs 1 Lakh – 2 Lakh  (Rs 3 +GST)

Above Rs 2 Lakh (Rs 5 + GST)

RTGS Charges (through Net Banking)From Rs 2 Lakh – 5 Lakh (Rs 25)

Above Rs 5 Lakh (Rs 45)

From Rs 2 Lakh – 5 Lakh (Rs 5 + GST)

Above Rs 5 Lakh (Rs 10 + GST)

IMPS/UPI ChargesUp to Rs 1,000 – Nil

From Rs 1,000 – 10,000 (Rs 2)

From Rs10,000 – Rs 1 Lakh (Rs 4)

From Rs 1 Lakh – 2 Lakh (Rs 12)

Up to Rs 1,000 – Nil

From Rs 1,000 – 1,00,000 (Rs 5 + GST)

From Rs 1 Lakh – 2 Lakh (Rs 15 + GST)

Number of Cash Transactions in a Month (Savings Account) 3 transactions free

Beyond 3 Transactions in a month (Rs 50 per Transaction)

 3 transactions free

Beyond 3 Transactions in a month (Rs 50 per Transaction + GST)

Issue of Demand Draft/ Bankers’ ChequeUp to Rs 5,000 (Rs 10)

From Rs 5,000 – 10,000 (Rs 41)

From Rs10,000 – Rs 1 Lakh (Rs 51 minimum or Rs 3 per thousand)

From Rs 1 Lakh – 5 Lakh (Rs 306 minimum or Rs 3 per thousand)

Up to Rs 5,000 (Rs 25)

From Rs 5,000 – 10,000 (Rs 50)

From Rs10,000 – Rs 1 Lakh (Rs 60 minimum or Rs 5 per thousand)

Above Rs 1 Lakh (Rs 600 minimum or Rs 4 per thousand)

Maximum Rs 2000

Locker (Small)Metro/Urban – Rs 1100

Semi-Urban/Rural – Rs 800

Metro/Urban – Rs 1500 + GST

Semi-Urban/Rural – Rs 1000 + GST

Locker (Medium)Metro/Urban – Rs 2800

Semi-Urban/Rural – Rs 1800

Metro/Urban – Rs 3000 + GST

Semi-Urban/Rural – Rs 2000 + GST

Locker (Large)Metro/Urban – Rs 6000

Semi-Urban/Rural – Rs 5000

Metro/Urban – Rs 6000 + GSTSemi-Urban/Rural – Rs 5000 + GST
Locker (Extra Large)Metro/Urban – Rs 8000

Semi-Urban/Rural – Rs 7000

Metro/Urban – Rs 9000 + GST

Semi-Urban/Rural – Rs 7000 + GST

Locker Visit Charges12 Visits Free

thereafter Rs 100 per visit

12 Visits Free

thereafter Rs 100 per visit + GST

Debit Card Issuance ChargesClassic – Nil

Global – Nil

Gold –Nil

Platinum – Rs 306

Classic – Nil

Global – Nil

Gold – Rs 100 + GST

Platinum – Rs 300 + GST

Debit Card Annual Maintenance ChargesClassic – Rs 100

Global – Rs 150

Platinum – Rs 200

Classic – Rs 125 + GST

Global – Rs 175 + GST

Platinum – Rs 250 + GST

Pride/Premium – Rs 350 + GST

Debit Card Replacement ChargesClassic – Rs 204

Global – Rs 204

Gold – Rs 200

Platinum – Rs 200

Rs 300 + GST

 

 

 

Featured Image: SBI revised charges

Share.