State Bank of India, the country’s largest bank, has revised service charges on various transactions, including cash deposits and for failing to maintain monthly average balance in their savings accounts. The charges will be applicable from April 1, 2017.
While three cash deposit transactions will be free in a month, beyond three transactions the bank will charge Rs 50 plus service tax for each transaction.
In the case of ATM transactions, after the permissible number of free transactions, SBI will charge Rs 20 (plus service tax) per transaction. The bank has also imposed service charge for failure in maintaining monthly average balance (MAB) in metro, urban and rural centres.
SBI has also announced charges for issuing cheque books, cheque collection, stop payments, issuing certificates, bill collection and NEFT and RTGS charges. It has also revised charges for current accounts as well. For debit cards, SBI will charge an annual maintenance fee of Rs 125-300 depending on the card’s category. The number of free ATM transactions will be three in metros and five in other centres.
RTGS- Real-time gross settlement are specialist funds transfer systems where the transfer of money or securities takes place from one bank to another on a "real time" and on a "gross" basis.
NEFT- National Electronic Funds Transfer (NEFT) is one of the most prominent electronic funds transfer system of India. Started in November 2005, NEFT is a facility provided to bank customers to enable them to transfer funds easily and securely on a one-to-one basis. It is done via electronic messages.