There have been few changes in working of India's largest bank, State Bank of India (SBI). State Bank of Patiala (SBOP) and 4 other banks have merged into SBI from 1st April,2017. Now the customers of State Bank of Patiala are customers of State Bank of India. Also changes have been in transactions charges of State Bank of India which the customers will have to suffer.
Formerly many accounts in SBI were running smoothly with zero minimum balance but not SBI customers will have to keep some minimum balance otherwise fine will be imposed on customers or the account may be terminated. Also changes have been made in bank transaction charges including ATM charges.
Customers in Metro Cities will have to keep Rs.5000 as minimum average balance in SBI account whereas in small cities customers will have to keep Rs.3000 minimum balance. For branches in towns, minimum balance is Rs.2000 and for villages it is Rs.1000. If customers are unable to keep this minimum balance, they may have to pay Rs.20 to Rs.100 fine.
Transaction Charges in SBI Bank
Now the customers can transact in SBI bank only three times in a month without any fee. After that customers will have to pay Rs 50 per transaction in bank.
Transaction Charges in SBI Bank ATM
You can transact 5 times without any charges if you use SBI Card in SBI ATM. After that charges of Rs.10 will be levied per transaction in ATM but if your account balance is Rs.25000 or more there would be no such charges.
Transaction Charges in Non SBI Bank ATM
3 transactions are provided for free if SBI Card is used in ATM other than SBI ATM. After that there will be Rs.20 charges per transaction but if you keep minimum balance of Rs.1 Lakh or more no such charges would be imposed.