SBI customers may rejoice as there have been some positive & customer friendly changes have made in the rules and regulations of the bank. These moves have been made with a clear view to motivate a cashless economy while promoting online transactions in SBI through Net Banking & Mobile Banking.
State Bank of India, the biggest public sector bank of India has made some customer-friendly changes to its accounts related policies which are effective from 1st October 2019.
In a first, the bank has reduced the average monthly balance (AMB) for all its branches. A customer needs to maintain a minimum of Rs. 3000 (reduced from previous Rs. 5000) if they have an account in urban and metro centres. Further, the limit for account holders in semi-urban and rural branches has been reduced to Rs 2,000 and Rs 1,000 respectively.
Apart from this, the bank has revised its service charges which are also effective from 1st October 2019.
The bank has made changes in policies regarding ATM, as the same being the most prominent service of SBI. Bank has allowed free 8-10 ATM transactions (both financial & non-financial) for customers having a minimum average monthly balance of Rs. 25000 & below. Further, customers having AMB above Rs. 25000 can enjoy unlimited free ATM transactions. These limits are for SBI ATMs. The free limit at other banks’ ATMs would remain the same for all customers — three transactions in metro cities and 5 transactions at ATMs in other cities and towns. Customers will be charged Rs. 50 plus GST for crossing the specified limits.
Apart from this, the bank has changed policies regarding the issue of multi-city cheque books for a savings account, stopping a payment instruction, revision of charges per month for non-maintenance of Average Monthly Balance (AMB) and so on.
The major changes made to the banking policies have been classified into three categories viz: metro, semi-urban and rural branches.
In other policy changes, SBI has added an Rs. 20 transaction/service charge in case the transaction is declined due to insufficient balance. Further, customers making cardless cash deposits at ATMs from October 1 onwards will be imposed with Rs. 22 as service charges.
In a reformatory change, SBI has free internet and mobile banking. Thus, if the funds are transferred using the Internet or Mobile Banking, it will be free and customers can make unlimited transactions.
Further, in a month, cash deposits will also be charges after a certain limit. Customers are allowed to make cash deposits for three times and there will be no charges. However, from 4th transactions, customers will be charged Rs. 50/- plus GST for every deposit made. This is another move to Promote SBI Mobile Banking & SBI Net Banking.
In the case of RTGS & NEFT transactions, SBI customers will be allowed free of cost transfers in case they are made online. However, transactions executed through a branch will be chargeable.