SBI starts levying penalty, transaction charges based on revised rules
Mumbai: State Bank of India, country’s largest public sector lender, had stopped five years ago the practice of charging a fee for non-maintenance of stipulated minimum balance in savings accounts.
The bank has put into effect penalty for non-maintenance of minimum balance, revised transaction charges, new fee for cheque book requests etc from April 1.
Five associate banks — State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore — along with Bharatiya Mahila Bank have merged with the SBI.
The bank that has now become world’s 45th largest lender with an asset value of Rs 37 lakh crore has again started the penalty as it has been overburdened with a large number of inactive and no-frills accounts.
Under new rules, savings bank account holders will be permitted cash deposit for up to three times in a month. The bank will impose a fee of Rs 50 for every transaction after that.
For current account holders, the fine could go as high as Rs 20,000 depending upon type of transaction, according to Zee News. "One-time locker registration charge is now Rs 500 plus service tax for small/medium lockers while Rs 1,000 plus service tax for large/extra large ones," the report said.
