All you need to know about the SBI new rule changes

The State Bank of India, post the consolidation of its associate banks which include the state banks of Bikaner & Jaipur, Hyderabad, Mysore, Patiala, Travancore and the Bharatiya Mahila Bank became one of the largest banks globally.
Following what is considered as the first major merger in the Indian banking sector, the SBI has issued new rule changes in its services which would come into effect the first of April 2017. If you are an SBI customer, it is important to know what these changes are.

Maintain monthly balance or pay!

The new rule change stipulates that users should maintain a minimum account balance or there would be charges for non-maintenance of monthly balance. This is applicable for current accounts, savings accounts, and Surabhi bank accounts.
For savings bank accounts the charges would be proportional to the shortfall in the maintenance of the account.

It is important to note to keep monthly balance in check

Cheque Leaves at a cost

The cost of multi-city cheque books for savings bank account is decided based on the QAB or Quarterly Account Balance.
If the QAB is up to one lakh INR for a savings bank then the first 25 cheque leaves are free in a financial year, there after the users would have to pay for a 10/ 25/ 50 leave chequebook.

If the user has a QAB greater than one lakh then cheque leaves are offered free of cost

Net Banking Charges

According to the new rules in the service charges introduced by the SBI, NEFT/RTGS charges for amounts above 2 lakhs INR would attract charges of Rs.20 exclusive of service tax.

Other charges for Net Banking through NEFT/RTGS are as follows


 Charges exclusive of service tax

 Up to INR 10,000

 Rs. 2

 INR 10,000 to INR 1 lakh

 Rs. 4

 INR 1 lakh to INR 2 lakh

 Rs. 12

 Above INR 2 lakh

 Rs. 25


ATM Charges

The new rules mandate that transactions through ATMs exceeding the ones offered free by SBI will be charged. Users would be charged Rs. 20 excluding of service tax for the same.

Mobile Wallet Charges

There are no charges to open an SBI Mobile Wallet but charges will be levied for funds transferred between wallets and to bank accounts.

New Rules

These change in rules along with a host of other changes including those related to safety deposit lockers, cash deposit charges, collection charges and charges related to issuing of certificates come into effect from the first of April 2017 and SBI customers would do well to take these changes into account.