OMG! Deposits and withdrawals at SBI will be costlier from today

New Delhi: Banking will never be same again from today. From April 1, cash transactions and many other banking services charges will go up

From March 1, Private banks like Axis, HDFC and ICICI Bank have already started charging new cash transaction charges. Now SBI will do it from April 1. For savings account holders of SBI, 3 cash deposit transactions would be free every month, beyond that the transactions will be charged Rs. 50 + service tax for per transaction.

IMPS charges at SBI will also go up. Up to Rs. 1000 is free of charge, Beyond Rs 1000 charges will be as follows: Minimum Rs. 1.50 + service tax (ST) per transaction to Rs. 11.50 + ST in case you of USSD method of transfer and Rs 2 + ST to Rs12 + ST in case of IMPS/UPI transfer.

SBI account holders will have to now maintain a minimum balance in their savings account ranging from Rs. 5,000 - Rs. 1000 depending on metro or non-metro location. If you don’t maintain  minimum balance,  you could be charged a maximum of Rs. 100 + service tax. However, PM Jan Dhan Yojana and Basic Savings Bank Small Accounts are exempted from minimum balance norme.

Similarly, for not updating your address or for giving wrong address, your account could be debited Rs. 100 + service tax in case ATM card or welcome Kit is returned to the bank because of this.
Other Public Sector Banks are likely to follow SBI soon.