An account holder, opening this type of account, which is linked to multi option deposit (MOD), has to opt for a tenure ranging from one to five years. A minimum amount of Rs. 25000 is retained in the savings account. Any amount over & above the upper limit of the account is transferred to Term Deposits, which can be opened in multiples of Rs. 1000 with a minimum of Rs. 10000.
SBI has revised the charges that will be levied on accounts starting 01.04.2017. This revision comes after major private banks decided to charge consumers on cash transactions.
SBI is again introducing penalty on accounts without a minimum balance after five years. The minimum balance & penalty amount shall vary from place to place. In metros, an account with less than 75 % of the minimum balance shall attract a penalty of Rs. 100 + service tax, whereas an account with less than 50 % of the minimum balance a penalty of Rs. 50 + service tax will be levied.
After first three cash deposits in savings account per month, SBI shall charge Rs. 50 for each cash transaction thereafter. In case of current accounts, the penalty on cash transactions could be as high as Rs. 20000.The first five ATM withdrawals from SBI & first three from other bank ATMs will be free.
Following this a charge of Rs. 10 will be levied for withdrawal from SBI ATMs, whereas Rs. 20 in case of withdrawals from other bank ATMs. However, in case of an account having a balance of Rs. 25000, no charges shall be levied on withdrawals from SBI ATMs.
Also, an account with minimum Rs. 100000 balance, no charges shall be levied on withdrawals from ATMs of other banks. All debit card holders with average quarterly balance of Rs. 25000 shall get the facility of receiving SMS alerts for transactions & shall be charged Rs.15 per quarter. No charge shall be levied on UPI/USSD transactions of up to Rs.1, 000.