Revised SBI charges for account closure
Posted on: 02/Oct/2017 4:52:29 PM
After weeks of revising the minimum balance requirement rules, State Bank of India, the largest money lender in India has amended norms for savings bank account closure. Henceforth, there will be no charge towards savings bank account closure and the 18 percent GST will also not be levied.
Earlier, for savings bank account closure, the charge used to be Rs 500 plus an extra of 18 percent of GST. Recently, SBI has been making several measures to make their banking very friendly to customers, particularly with banks merger with sister banks.
When customers choose to close bank account after 14 days of opening and within 1 year, such accounts will be bound to pay account closure fee and GST levy.
After demonetization initiative, the banks were overloaded with works to handle large cash transactions as there were bulky volume of notes coming in. Hence, the minimum balance requirement fee was increased. For metro, urban, semi-urban and rural category accounts, the minimum balance is fixed as Rs 5000, Rs 3000, Rs 2000 and Rs 1000 respectively.
Now, the revised rates are as follows:
- No charge when the account is closed within 14 days of opening
- Rs 500 plus added GST when the account is closed between 14 days and 1 year of account opening
- Rs 500 plus added GST when it is beyond 1 year of opening the account
- In case of accounts closed with settlement of account of deceased depositors, the charge is Rs 500 plus GST
- Account closure by BSBD account holders will attract the same Rs 500 plus extra GST
In case of death of account holder, there will be no charge towards closer of account. At present, such actions involve Rs 500 plus 18 percent GST. All these rules have come to effect from 1st October, yesterday.
