Imposition of charges on frequent banking
|Monthly Average Balance in Savings Bank||Monthly Limit on Number of free Debit transactions|
|Branch||SBI ATMs||Other Bank ATMs|
|6 Metros||Other Centers|
|>1000 up to Rs. 25,000||2||5||3||5|
|>25,000 up to Rs. 50,000||10||
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|>50,000 up to Rs. 1,00,000||15||3||5|
SBI has informed that the charges for cash withdrawal at branches beyond the permitted free withdrawals are Rs. 50/- + Goods and Service Tax (GST) per transaction. With substantial investment in infrastructure and technology, cash outgo to other banks for ATM transactions and cost of servicing Pradhan Mantri Jan Dhan Yojana (PMJDY) / Basic Savings Bank Deposit (BSBD) /Financial Inclusion (FI) accounts with RUPay Debit Card, it becomes imperative for the Bank to find a way out to recover at least a part of the cost. The charges are levied for the cost involved in handling the transaction and the attendant work.
Further, SBI has informed that the charges being levied for cash withdrawals at ATMs beyond the permitted free withdrawals are as under:
This Government has received some complaints from public including Hon’ble Members of Parliament regarding to impose penalties on customers for not keeping minimum balance by banks. Reserve Bank of India (RBI) has informed that terms and conditions for operating a saving bank account including minimum balance requirements are decided by Boards of individual bank. These are not fixed by RBI.
This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.