SBI Online: Banking service fees to know – Full details here

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SBI Online: The State Bank of India (SBI) and other Indian banks have removed banking service fees on NEFT money transfers and RTGS transfer fees from January 1, 2020. However, this does not mean that all bank service charges have become free. In ordinary banking transactions, we lose money because we don’t know the rules of bank charges. Consequently, all SBI clients are well advised to be aware of the banking service charges levied by the SBI on its clients. For more details, one can log onto the official SBI website – sbi.co.in.

Speaking about the information on bank service charges and their importance in saving money for a bank client Jitendra Solanki, a tax and investment expert registered with SEBI, said: “The bank service charges for NEFT and RTGS have been phased out as of January 2020. However, banking services like checkbook, bank transaction alert, debit or credit card, ATM cash withdrawal, etc. are others. banking services which are charged under certain rules by various banks. Therefore, a bank customer should know the banking services they use. and the rules for those banking service charges so that they can use this information about the charges. banking service to avoid any kind of deduction of additional money from their savings account. “

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So here are some SBI banking service charges that an SBI client should be aware of and avoid deducting from their SBI savings account amount:

1]IMPS fund transfer: SBI waived the NEFT and RTGS fees from January 2020, however, IMPS is not free for SBI clients or SBI account holders. However, this RTGS / NEFT is only free for customers who transfer funds via Net Banking or Mobile banking (including YONO). if you do NEFT or RTGS through the SBI branch, then there is a charge. Fees only apply to transactions initiated and payable in India. It should also be noted that there is a charge for transferring IMPS funds above Rs 2 lakh. thus, SBI clients should perform funds transfer via IMPS only when there is an urgent need to send an instant funds transfer request for an SBI client.

Click here for the list of SBI banking service fees

2]Minimum balance: The RBI has allowed banks to take a non-maintenance fee from the minimum balance, subject to certain guidelines being followed for an appropriate slab structure for fee recovery. Fee recovery should not turn into a negative balance just because of the collection of service charges. The SBI savings account can be classified into three types: Metro & Urban Center branches, Semi-Urban Center branches, and Rural Center branches. The SBI savings account at Metro & Urban Center branches requires an average monthly balance of Rs 3,000, while for semi-urban center and rural center branches it is Rs 2,000 and Rs 1,000 respectively. Likewise, in order not to keep the average monthly balance in Metro & Urban Center branches, the SBI savings account can go up to Rs 15 plus GST. Likewise, at branches in the semi-urban center and rural savings account of an SBI client, the penalty can be up to Rs 12 plus GST and Rs 10 plus GST.

3]Withdrawal of money at an ATM: In accordance with RBI guidelines, one can withdraw money through ATM transactions up to 5 times per month. Beyond this limit, withdrawing money from an ATM will incur a bank service charge. Thus, an SBI customer is advised to withdraw as much money from their ATM transaction within the maximum five transactions that are sufficient to meet their cash needs. Missing a debit or credit card may incur a bank service charge to obtain a new one. You should also know that resetting your debit or credit card PIN code is also chargeable by some banks. You are therefore advised to know all the details of the banking service charges associated with your debit and credit card.

4]Transaction alert: Sending transactions and other account information to the bank customer is aimed at ensuring safe and secure banking operations. However, ensuring safe and secure banking services come with banking service fees. SBI charges Rs 12 plus GST per quarter for sending SMS alerts regarding your SBI account like EMI, bill payments etc.

5]Home banking services: SBI offers home banking services to its clients. However, the SBI client will have to pay for it. For non-financial canvassing, the SBI banking service charge is Rs 60 plus GST while for financial home banking service charge by SBI is Rs 100 plus GST.


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