Penalty, service charges applicable at SBI after April 24

The penalty for non-maintenance of minimum balance and service charges will be applicable to all the customers of former associate banks, which merged with State Bank of India after April 24. Merging of all data of the five associate banks with SBI would be complete by April 24 and hence, the new charges announced by SBI would be applicable to them from april 24th.

This process will have to be completed to commence all the operations from one common platform. After this process is completed new charges will be applicable to the customers. And also the minimum balance of a customer would be calculated automatically by the end of month. If there is no enough balance during the end of the month,the bank will levy penalties as announced.

These are corporate decisions taken at the highest levels. Individual banks may impose charges for services and Accounts that do not maintain the minimum balance, "he said, adding that in Case RBI issues specific guidelines, banks will have to obey the same. SBI has set Rs 5,000 as a minimum balance for subway cities. In urban areas, Semi-urban and rural, will be Rs 3,000, Rs 2,000 and Rs 1,000 Respectively.