Rs 5,000 minimum balance requirement: SBI starts deducting charges; cheque books, locker charges go up

New Delhi: New Delhi: After a gap of five years, State Bank of India has decided to reintroduce penalty on non-maintenance of minimum balance in accounts from April 1, and revised charges on other services, including ATMs.

The new charges will also be applicable for account holders of the five associate banks including Mahila Bank that have merged with SBI.

The country's largest bank will permit savings bank account holders to deposit cash three times a month free of charges and levy Rs 50 plus service tax on every transaction beyond that.

In case of current account, the levy could go as high as Rs 20,000.

Check out the following chart and know about the new changes.

Here is what you should know about Cheque books

One Time Locker Registration Charge is now Rs 500 plus service tax for Small/ Medium lockers while Rs 1000 plus service tax for Large/Extra large ones.

Breaking open of Locker:Loss of Key or Non-Payment of Locker Rent will cost 1000 plus service tax, in addition, actual expenditure incurred for breaking open the locker and changing the lock by manufacturers of lockers will also be levied.

Locker Visit Charges (All sizes): 12 visits free. Thereafter: Rs 100 plus service tax per visit.

*Chart sourced from SBI Website