Being aware of the latest update of the SBI Bank charges is not just important for the smooth functioning of your bank account but also minimizes the financial implications by avoiding unnecessary penalties. Read through to know about the latest SBI Bank charges.
Bank charges refer to fees imposed by banks on different services they provide to their customers. These charges are charged under different heads like monthly account maintenance charges, transaction fees, overdraft charges, locker charges, etc. These charges are designed to cover the costs associated with providing banking services and vary depending on the type of account/facility availed. Read on to learn about SBI Bank charges.
SBI Bank, officially known as State Bank of India, is the largest public sector bank in India, with a customer base of over 45 crore. Headquartered in Mumbai, it was founded around 200 years ago. Today, SBI Bank enjoys 1/4th of the market share with an extensive network of 22,000 branches, 62,617 ATMs/ADWMs, and 71,968 BC outlets. The bank has a global presence with 229 offices in 31 foreign countries.
SBI Bank offers a wide range of banking products and services, including personal banking, corporate banking, wealth management, insurance, and investment services.
SBI Bank charges a pre-specified fee for different services it renders to its customers. The list of charges is available on the official website of the bank and is updated from time to time. The personal bank account holders of SBI Bank may be charged under the following heads:
- Charges levied on Current Account/Saving Account Charges – These charges are typically bank account maintenance charges.
- Cheque (Collection)/NACH Charges -These are SBI Bank charges related to the issuance and clearance of cheques.
- IOI (DD / Banker’s Cheque) Charges – These charges are related to Demand Drafts.
- Debit Card/ATM Charges – These charges are related to the issuance and maintenance of Debit Cards and ATM usage.
- Cash Charges – These charges are related to cash handling in the account.
- Safe Deposit /Safe Custody – These charges are for locker accounts linked to the savings account.
- NEFT / RTGS / IMPS Charges – These charges are levied for wire transfers.
- Basic Savings Bank Account (BSBD) – These are the service charges for basic savings bank accounts.
- Prepaid Cards – These SBI Bank charges are linked to prepaid cards – State Bank Prepaid Cards or Rupee Prepaid Cards issued to the account holder.
- Other Miscellaneous Charges – These are the bank charges levied for different convenience services offered by the bank like Phone Banking facility, Doorstep Banking Facility, Standing Instructions facility, etc.
Today, almost everyone has a savings bank account. But not all are aware of the different charges and fees that are charged for availing the banking service. Surprisingly, most bank charges and fees are avoidable. All it requires is some basic understanding of the bank charges and mindful utilisation of the bank services.
Here are some helpful tips to avoid SBI Bank Charges:
- Maintain Minimum Balance – Make sure you always have the minimum required balance in your SBI Bank account to avoid non-maintenance charges. Understand the specific minimum balance requirement for your account type and strive to maintain it with success.
- Avail Other Services Wisely – Take advantage of SBI Bank’s additional services like phone banking, SMS alerts, and email notifications only if you use them. While these help you stay updated, do not subscribe to them if you do not use them.
- Choose the Right Account – Choose the bank account that aligns with your banking needs. Consider factors such as average balance requirements, transaction limits, and associated charges. By selecting an account that aligns with your usage patterns, one can easily avoid unnecessary fees.
- Use Linked ATM Outlets – Whenever possible, withdraw cash only from SBI Bank ATMs. transactions made on other bank ATMs attract withdrawal charges.
- Understand Your Locker Requirement – SBI bank locker charges are linked to the size of the locker. A bigger locker entails higher charges. Go in for the locker size that meets your needs.
- Avoid Cash Handling – Minimise cash transactions as much as possible. Instead, opt for digital transactions like online transfers and payments through mobile apps. When depositing cash in the account, prefer Cash Deposit Machines to human cashiers.
Typically, there are no charges for opening a SBI Bank Savings Account. The State Bank of India account opening charges are only linked to the initial deposit account to get the account active and to maintain the pre-specified minimum account balance to avoid any kind of penalties.
ATMs serve as convenient cash withdrawal points for customers. The bank levies nominal charges to render the facility. The charges are as under:
|Average Monthly Balance (AMB) in Savings Bank||Number of free transactions per month|
|Other Bank ATMs||SBI Bank ATM|
|6 Metro Cities||Other Cities|
|Up to ₹25,000/-||3||5||5|
|Above ₹25,000/- up to ₹50,000/||3||5||Unlimited|
|Above ₹50,000/- up to ₹1,00,000/-||3||5||Unlimited|
|Charges for financial transactions beyond the set limit (₹ Per Txn.)||₹20/- + GST||₹10/- + GST|
|Transaction decline due to insufficient balance||₹20/- + GST||₹20/- + GST|
Under the policy of one-way interchangeability, SBI Bank allows customers a certain number of free debit transactions at ATMs.
- Customers at metro centers can avail of a maximum of 10 free debit transactions at SBI ATMs
- Customers at other centres can avail of a maximum of 12 free debit transactions at both SBI and other bank ATMs.
Please note these free transactions are applicable only if there are no transactions at other bank ATMs and no transactions conducted at the bank branch.
- The six metro cities listed are Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad.
- All Salary accounts at SBI Bank, including the Shaurya Family Pension Accounts at all locations, regardless of variants, customers enjoy the benefit of free and unlimited transactions at both SBI ATMs and other bank ATMs.
The bank offers lockers for safe custody of precious belongings. The bank locker charges SBI are directly linked to locker size. The Annual Rent charges w.e.f 31.03.20 vide e-cir R&DB/BODSC/132/19-20 dt 12.03.2020 are as follows:
|Size||Type||Metro and Urban||Semi Urban and Rural|
|Amount in ₹, excluding GST|
|Size A: 125 x 175 x 492||Small||2000||1500|
|Size B: 159 x 210 x 492|
|Size C: 125 x 352 x 492||Medium||4000||3000|
|Size D: 189 x 263 x 492|
|Size E: 159 x 423 x 492|
|Size H1:325 x 210 x 492|
|Size F: 278 x 352 x 492||Large||8000||6000|
|Size G: 189 x 529 x 492|
|Size H: 325 x 423 x 492|
|Size L: 404 x 529 x 492||Extra Large||12000||9000|
|Size L1:385 x 529 x 492|
Rebates in annual locker charges are available for the following:
Salary account holders with CSP/DSP/CAPSP/ICGSP, Retired personnel and holders of Shaurya family pension account:
- Gold variant accounts get a 10% concession in SBI Bank locker charges.
- Diamond variant account holders get a 15% concession on annual locker rent.
- Exclusif/Wealth account holders get a 25% concession on SBI Bank locker charges
- Rhodium & Platinum account holders get a 50% concession on locker rent.
|One Time Locker Registration Charge||Small/ Medium: ₹500+GST Large/Extra Large: ₹1000+GST|
|Breaking open of Locker, Loss of Key or Non-Payment of Locker Rent||₹1000/- +GST plus all actual expenditure incurred for breaking open the locker, including the chargers of lock replacement by the locker manufacturers|
|Locker Visit Charges (All sizes):||12 free annual visits. Subsequent charges ₹100 /- + GST per visit|
|Locker rent overdue charge (All sizes) 1 st Qtr 10% 2 nd Qtr 20% 3 rd Qtr 30% 1 Year||10% 20% 30% 40% of the total annual rent due plus the actual locker rent|
|For more than 1 year||Locker to be broken open|
SBI bank allows Internet banking facilities to all its customers. Upon a small payment of SBI net banking charges, customers can transfer money through Net Banking/ Mobile Banking, including YONO.
SBI Banks allows transfers using NEFT. NEFT (National Electronic Funds Transfer) is an electronic payment system for transferring funds between banks in India. These transfers are settled in batches.
The SBI Bank NEFT charges are as follows:
|NEFT Customer Transaction (through Net Banking / Mobile Banking) (Including YONO)|
|Up to ₹10,000/-||Free|
|Above ₹10,000/- and up to ₹1,00,000|
|Above ₹1,00,000 and up to ₹2,00,000|
|NEFT Customer Transactions (Transactions at branches)|
|Up to ₹10,000/-||₹2/- + GST|
|Above ₹10,000/- and up to ₹1,00,00||₹4/- + GST|
|Above ₹1,00,00 and up to ₹2,00,00||₹12/- + GST|
|Above ₹2,00,00||₹20/- + GST|
RTGS (Real Time Gross Settlement) is an electronic payment system specifically designed for high-value transactions. Each transaction is processed individually and is settled instantly. SBI Bank RTGS charges w.e.f. 31.03.2023 are as follows:
|RTGS Customer Transactions (through Net Banking/mobile banking) (Including YONO)|
|₹2,00,00 to ₹5,00,00||Free|
|RTGS Customer Transactions (transactions at branches)|
|₹2,00,00 to ₹5,00,00||₹20/- + GST|
|Above ₹5,00,000||₹40/- + GST|
Please note the SBI Bank RTGS charges apply only to transactions that originate and are payable within India.
SBI Bank allows fund transfers through IMPS. IMPS (Immediate Payment Service) is a real-time interbank electronic fund transfer system. It allows the transfer of payments 24/7, including weekends and holidays.
The IMPS charges SBI to other bank, include:
|IMPS charges through INB/MB (Including YONO)|
|Up to ₹1,000/-||Free|
|From ₹1,001/- to ₹10,000/-|
|From ₹10,001/- to ₹25,000/-|
|From ₹25,001/- to ₹1,00,000/-|
|From ₹1,00,001/- up to ₹2,00,000/-|
|IMPS Fund Transfer charges through Branch Channel|
|Up to ₹1,000/-||Free|
|From ₹1,001/- to ₹10,000/-||₹2/- + GST|
|From ₹10,001/- to ₹25,000/-||₹4/- + GST|
|From ₹25,001/- to ₹1,00,000/-||₹4/- + GST|
|From ₹1,00,001/- up to ₹2,00,000/-||₹12/- + GST|
|From ₹2,00,001/- up to ₹5,00,000/-||₹20/- + GST|
SBI Charges : FAQs
The minimum transaction amount for an RTGS transaction is Rs. 2,00,000.
RTGS payment through SBI internet banking/mobile banking is free. The transaction is charged at ₹20/- + GST if initiated at the bank branch.
The SBI Bank locker charges for a small-sized safety locker are Rs.2000 if availed in metro or urban areas and Rs.1500 for lockers in bank branches in semi-urban or rural areas. There are two sizes available – Size A: 125 x 175 x 492 and Size B: 159 x 210 x 492.
If SBI Bank locker charges are not paid for more than one year, the bank holds the right to break open the locker.
A transaction decline due to insufficient balance is charged at Rs. 20 + GST.
NEFT stands for National Electronic Fund Transfer.