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Know the rules changing from 1 October of SBI

Wednesday - September 25, 2019 11:40 am , Category : WTN SPECIAL
SBI: The largest government bank in the country
SBI: The largest government bank in the country

SBI changing its rules to promote digital transactions

SEP 25 (WTN) - Many rules are going to change in the country's largest bank i.e. State Bank of India (SBI) from 1 October. If you are a consumer of SBI, then these rules can make a big difference to you. What are these new rules and why has SBI decided to implement these new rules? Let you know about it in detail.

SBI is going to change its rules from October 1, which will directly affect the bank's consumers. First of all, the biggest change is going to be in the rule of depositing money in SBI bank account. According to the circular issued by SBI, from October 1, 2019, consumers of SBI will be able to deposit free money in their account only three times in a month.

If the SBI consumer deposited the money in his bank account for the fourth time in a month, he would have to pay a charge of Rs 50 (GST extra) for the transaction. That is, SBI consumer will have to pay 56 rupees more for depositing money in the bank for the fourth time or more with 12 per cent service charge. By the way, for your information, let us know that there is no such rule related to depositing money in any other bank, that there will be a charge for depositing money more than the prescribed limit in the account.

As per the SBI rules changing from 1 October, SBI has also reduced the number of pages in the check book. SBI will now offer only 10 checks on a savings account instead of 25 in a financial year. After this, 40 rupees will have to be paid for taking a 10-page check book and GST will also have to be paid for it. Whereas after the first free checkbook, a 10-page check book used to cost 30 rupees. At the same time, for a 25-page checkbook, now the consumer will have to pay Rs 75 and GST charge.

SBI has also increased the charges levied on return of checks due to technical reasons. According to the SBI circular, if a check is returned after 1 October for any technical reason (other than bounce), the issuer of the check will have to pay a charge of Rs 168 including GST.

Here, the SBI has also changed the rule of monthly minimum balance. The SBI has reduced the minimum balance in branches of urban areas from Rs 5,000 to Rs 3,000. At the same time, customers in SBI branch located in semi-urban areas will have to maintain a monthly minimum balance of Rs 2,000 in their account. At the same time, minimum balance of Rs 1,000 will have to be maintained in SBI branch located in rural areas.

At the same time, account holders with an average monthly balance of Rs 25,000 in SBI can withdraw free cash twice a month. At the same time, account holders with an average monthly balance between Rs 25,000 and 50,000 can withdraw cash for 10 times. Whereas consumers with an average monthly balance of more than Rs 1,00,000 can conduct unlimited transactions.

For your information, let us know that the maximum limit for depositing cash in SBI's non-home branch has been increased to Rs 2 lakh per day, but the non-home branch manager will decide whether the cash amount of more than Rs 2 lakh should be deposited or not.

If you do not deposit money through bank branch and use NEFT and RTGS, now you will get the service of these digital medium for free, because to promote digital transaction, National Electronic Fund Transfer (NEFT) and Real-time gross settlement (RTGS) is now free, but their fees have been levied on depositing rupees through the bank branch.

For your information, let us know that if you transfer money through bank branch, then NEFT charges of Rs 2 (GST extra) will be levied for money transfer by NEFT. At the same time, money transfer by NEFT from Rs 10,000 to Rs 1 lakh will be charged 5 rupees (GST extra). For money transfers above Rs 1 lakh but less than Rs 2 lakh, NEFT charges Rs 15 (GST extra) to be charged, while for money transfers above Rs 2 lakh, NEFT charge will be Rs 25 (GST extra).

If the SBI consumer wants to transfer money through RTGS through SBI branch, then he will be charged Rs 25 to Rs 2 lakh to Rs 5 lakh, and he has to pay GST charge. At the same time, for transferring money through RTGS over Rs 5 lakh, a charge of Rs 50 and GST will be charged.

At the same time, ATM charges of SBI are also going to change from October 1. Now the customers of the bank will be able to conduct debit transactions up to 10 times free from the SBI ATMs of metro cities, now this limit is 6 transactions. At the same time, up to 12 free debit transactions can be done from ATMs elsewhere.

It is being said that this whole exercise of SBI is because the bank's consumers should do more and more of the bank's work in a digital way. The Modi Government also intends that black money will be controlled by digital transactions and transparency will come in all transactions.

Banks like SBI are also moving forward with the same intention of the Modi Government that consumers should do more and more digitally bank related work, so the SBI has increased the charge on non-digital transactions, so that its users should be discouraged. While giving huge relief to the consumers, a huge discount has been given for keeping the monthly average balance, while at the same time opportunities to withdraw money from ATMs through free debit transactions have been increased.