SBI hikes transaction charges

After 5 years, SBI has decided to raise charges on various transactions through ATMs. Some SBI customers have taken social networks to protest hikes and asked for a "no-transaction day" on April  6. SBI has implemented a new list of rules for millions of customers across India. From the introduction of an increased minimum balance to several new transaction charges. The new changes have been implemented from April 1. Even customers of the six new banks merged with SBI will have to follow this new list of rules. With the central bank introducing these new  charges, there is a high probability that other private sector banks will continue to demand and increase their bank charges.

         The move came after private banks such as ICICI, HDFC and Axis Bank  announced similar changes. Banks such as HDFC Bank, ICICI Bank and Axis Bank began to charge a minimum amount of Rs 150 per transaction for cash deposits and withdrawals for more than four  transactions in one month.These charges would apply to savings as well as salary accounts effective from last month .