SBI gives big relief to 45 crore customers, reduces the limit of minimum balance
State Bank of India, the country's largest state-run bank, has given relief to 45 crore customers. SBI has reduced the minimum balance limit for metro and rural areas. Now the average monthly balance has been raised to Rs 3000 for metro and urban cities and Rs 1000 for rural areas. Along with this, the charge on not maintaining the minimum balance has also been reduced.
About 45 crore customers will be relieved by this new rule of SBI. Charge of Rs 5-15 and GST is levied separately for not maintaining minimum balance. SBI implemented the minimum average balance charge in April 2017. Talking about metro cities like Delhi, Mumbai, Kolkata, Chennai etc., 50% reduction in minimum balance will lead to Rs 10 plus GST as fine. If it is reduced by 50-75 per cent, then the charge will be Rs 12 plus GST. If the balance of the account holder decreases by more than 75 per cent, then Rs 15 and GST will be charged as fine.
Apart from this, the bank has also implemented tax collected at source from October 1. Under this, it will be implemented on sending more than 7 lakh remittances in a financial year. However, this does not include education loan payments. TCS will be charged on the money sent for the purpose of traveling abroad. TCS is applicable even if this amount is less than seven lakhs. To know what changes SBI has made from October 1, tap the link given below ..
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