TIL Desk/Business/Mumbai/ The State Bank of India will revise service charges for deposits and withdrawal on October 1 which will encompass cash withdrawal, average monthly balance, deposits and withdrawals and will affect scores of customers in many ways. On maintenance of average monthly balance (AMB), starting October 1.
SBI has reduced the minimum average monthly balance requirement for urban centers from Rs 5,000 to Rs 3,000. Under the revised rules, if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent (that is Rs 1,500) the individual will be charged Rs 10 plus GST. If the account holder falls short by more than 75 percent, it will invite a fine of Rs 15 plus GST.
In semi-urban branches, SBI account holder needs to maintain an average monthly balance of Rs 2,000. In rural branches, the minimum average monthly balance will be Rs 1,000. If the shortfall is less than 50 per cent for semi-urban branches, then the extra charge will be Rs 7.50 plus GST. For between 50-75 per cent, the fine is Rs 10 plus GST and for above 75 per cent shortfall, the charge will be Rs 12 plus GST.
