State Bank of India or SBI, the country’s largest lender, offers a wide range of services under its personal banking segment. From deposit schemes to ATM services, from net banking facility to money transfer services, the lender provides a variety of options for customer’s requirements. However, the bank also charges customer for some of its services. The lender has also fixed a certain monthly average balance (MAB) requirement for its savings bank account customers. Customers failing to meet the MAB requirements have to bear certain penalty charges.
Here are different types of service fee and penalty charges levied by SBI:
Regular savings account opening/closing charges
For SBI customers, there are no account opening and closure charges, according to the website of the lender- sbi.co.in.
ATM card usage charges
SBI offer ATM-cum-debit cards but levy certain usage charges. Customers are charged for transactions at ATMs over and above the permitted number of free transactions. The ATM card charges apply depending on the type – whether it belongs to the same bank where the customer’s account is located or some other bank- and nature of ATM – whether the ATM is located in a metropolitan or any other city in the country.
Here are the various charges of SBI’s ATM cards as stated on bank’s website:
|Debit Card Issuance Charges||Normal (Classic/Global)||Nil|
|Gold Debit Card||100/- (including tax)|
|Platinum Debit Card||306/- (including tax)|
|Debit Card Annual Maintenance Charges (Recovered at the beginning of the second year onwards)||Classic Debit Card||100/- plus tax|
|Silver/Global /Yuva /Gold Debit Card||150/- plus tax|
|Platinum Debit Card||200/- plus tax|
|Pride/Premium Business Debit Card||300/- plus tax|
|Debit Card Replacement Charges||Rs.204/- (including tax)|
|Duplicate PIN/ Regeneration of PIN||Rs.51/- (including tax)|
|Domestic Transaction Charges||Transactions at State Bank Group ATMs||Free|
|Other Bank ATMs – Up to 5 Transactions during a calendar month (for savings bank account only)||Free|
|Other Bank ATMs – Beyond 5 transactions(in Savings account) AND other than savings account:|
|Financial Transaction:||17/- (including tax)|
|Non-Financial Transaction||6/- (including tax)|
Penalty charges for non-compliance of minimum balance rule
Customers holding regular savings accounts with the bank are required to maintain a monthly average balance (MAB) to the tune of Rs. 1,000-3,000, which varies depending on branch location. The penalty charge for not maintaining the required MAB in SBI’s metro and branches ranges from Rs. 10 plus GST (goods and services tax) to Rs. 15 plus GST, according to the bank’s website.
|Metro and urban branch (required MAB Rs. 3,000)||Charges|
|Shortfall <= 50%||Rs. 10 + GST|
|Shortfall > 50-75%||Rs. 12 + GST|
|Shortfall > 75%||Rs. 15 + GST|
Customers with accounts in semi-urban areas are required to maintain an average monthly balance of Rs. 2,000. The lender charges a penalty amount ranging from Rs. 7.5 plus GST to Rs.12 plus GST from customers failing to comply with the minimum balance rules in its semi-urban branches.
|Semi-urban branch (required MAB Rs. 2,000)||Charges|
|Shortfall <= 50%||Rs. 7.50 + GST|
|Shortfall > 50-75%||Rs. 10 + GST|
|Shortfall > 75%||Rs. 12 + GST|
Customers holding an account in rural branch are required to maintain a monthly average balance of Rs. 1,000. The lender charges penalty to the tune of Rs. 5-10 plus GST for non-compliance with the monthly average balance rules in these branches.
|Rural (required MAB Rs. 1,000)||Charges|
|Shortfall <= 50%||Rs. 5 + GST|
|Shortfall > 50-75%||Rs. 7.50 + GST|
|Shortfall > 75%||Rs. 10 + GST|
Instant money transfer service charges
SBI offers instant money transfer facilities such as Immediate Payment Service (IMPS) and National Electronic Funds Transfer (NEFT). IMPS is an instant interbank electronic fund transfer facility that allows customer to transfer funds on a 24×7 basis and 365 days of the year. Here are the IMPS charges levied by SBI as mentioned on its website:
|1||Up to Rs.1000/-||No Charges|
|2||Rs.1001 to Rs. 10,000/-||Rs.1/- + GST|
|3||Rs.10,001 to Rs. 1,00,000/-||Rs.2/- + GST|
|4||Rs. 1,00,001 to 2,00,000/-||Rs.3/- + GST|
National Electronic Funds Transfer or NEFT is a nation-wide payment system that enables electronic transfer of funds. Here are the NEFT charges levied by SBI as mentioned on its website:
|Item||Transaction Slab||Charges (exclusive of Goods and Service Tax)||Internet banking charges (exclusive of Goods and Service Tax)|
|NEFT||Up to Rs.10,000||Rs. 2.50||Rs. 1|
|Up to Rs1 lakh||Rs. 5.00||Rs. 2|
|Above Rs. 1 lakh to Rs. 2 lakh||Rs. 15.00||Rs. 3|
|Above Rs. 2 lakh||Rs. 25.00||Rs. 5|
Interest rates, meanwhile, on SBI deposit schemes such as FD vary, depending on factors such as maturity period and amount of deposit.