New rules by SBI from tomorrow (1st October)
Posted on: 30/Sep/2017 3:15:41 PM
The largest public sector bank in India, The State Bank of India, has announced some changes in the rules and regulations for its customers.
These revised rules and regulations will be implemented from today (Sunday, 1st October).
SBI has reduced the amount of minimum balance to be kept by the savings bank account. For the customers in Metro cities, the minimum balance is reduced from Rs. 5000 to Rs. 3000. For the customers with savings accounts in suburban area branches, the minimum balance is reduced from Rs. 2000 to Rs. 1000.
There is a change in the fine imposed on the customers who fail to keep the minimum balance as well. For the account holders in suburban and rural branches, the fine has been increased from Rs. 20 to Rs. 40 for the account holders who fail to keep the minimum balance. For the account holders in metro cities who fail to keep the minimum balance, the fine has been increased from Rs. 30 to Rs. 50.
Exemption has been given on this rule of minimum balance in the account to the savings account holders who are pension beneficiaries of government welfare schemes and children. In a similar way, the account holders of the basic savings accounts and the Prime Minister’s Jandhan account are also exempt from the minimum balance rule.
There are 42 Crores savings accounts in the State Bank of India. Out of this, 13 crores accounts are under the Prime Minister’s Jan Dhan scheme and Basic Savings Account.
The plan to merge all the Associate Banks of SBI is to implemented from today (Sunday, 1st October). Thus, the cheque books and IFSC codes of the State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Thiruvidhankur, State Bank of Hyderabad, and Bharathiya Mahila Bank will not be valid from tomorrow. The IFSC codes of these associate bank branches are set to be changed.
