New Rules of State Bank of India (SBI) from 1st October 2019


State Bank of India has revised quite a lot of rules recently. These rules deal with withdrawals, average monthly balance, ATM transactions and miscellaneous charges. The new rules will be applicable w.e.f October 1st 2019. Below is the detailed list of what an SBI customer will deal with:

1.      Average monthly balance requirement

·         The new average monthly balance for urban centers has been reduced to Rs 3,000 from the earlier balance of Rs 5,000.

·         The new average monthly balance for semi-urban branches is Rs 2,000and for rural branches is Rs 1,000.

·         As per the new rule, when someone does not maintain Rs 3,000 as the average monthly balance (AMB) in their savings bank account and fall short by 50 per cent (Rs 1,500), then the customer will be charged Rs 10 plus GST.

·         When someone’s account falls short by more than 75 per cent of the AMB then a penalty of Rs 15 plus GST will be applicable.

·         Earlier, the charges for not maintaining average monthly balance in savings accounts was very high i.e. Rs 30-50 plus tax depending on how low the balance are.

2.      Fund transfer charges

·         NEFT charges:

·         Up to 10,000 – 2 rupees + GST
·         10,000 to 1 Lakh - 4 rupees + GST
·         1 Lakh to 2 Lakh - 12 rupees + GST
·         Above 2 Lakh - 20 rupees + GST

·         RTGS charges:

·         2 Lakh to 5 Lakh – 20 rupees + GST
·         5 Lakh and above – 40 rupees + GST


3.      Deposits and Withdrawals

·         Cash deposit in savings account is free up to 3 transactions per month. Post that, each transaction will be charged Rs 50 plus GST.

·         Maximum limit for you to deposit cash at non-home branch is Rs 2 lakh per day. 

·         If you have AMB of Rs 25,000 you can avail of 2 free cash withdrawals per month

·         If you have AMB between Rs 25,000 - 50,000 you can avail 10 free cash withdrawals.

·         If you have AMB between Rs 50,000-1 lakh bracket you will get 15 free cash withdrawals. The charge for transactions beyond the free limit will be Rs 50 plus GST.

·         If you have AMB above Rs 1 lakh, then there is no limit on withdrawals.

4.      Free ATM transactions

·         If your AMB is up to Rs 25,000 in savings account, you can enjoy 5 free transactions at SBI ATMs. Please note that this covers both financial and non-financial transactions.

·         There is no cap for those with a higher AMB. In addition, all customers in non-metro cities Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad can avail five free transactions at other banks' ATMs. 

·         Any transactions beyond the above mentioned limits will cost Rs 10 plus GST at SBI's ATMs and double at other lenders' machines. Non-financial transactions will cost Rs 5-8 plus GST depending on the ATM used. 

·         Declined transactions due to insufficient balance will still incur a fee of Rs 20 plus GST.

5.      Inter changeability option

·         If your AMB is up to Rs 25,000 you will be allowed a maximum of 10 free debit transactions at the metro cities.

·         Similarly, those in the non-metros can enjoy up to 12 free debit transactions.

6.      Charges for getting a debit card

·         You will be charged Rs 100 for issuing a Gold Debit Card.

·         You will be charged Rs 300 for the platinum card not including GST.

·         In case your ATM card or kit is returned by the courier due to wrong address submission, you will have to spend more than Rs 100.

SBI is a popular lender when it comes to Indian customers. They have always provided the best credit cards which you can apply online and offline. Not only that they also have amazing schemes on variety of loans and deposits. So here are the new rules which will be applicable from 1st October. This will help you be ready for the new period.

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