SBI will use repo rate as the external benchmark to price all new floating-rate loans for MSMEs, housing and retail loans and credit for medium-sized enterprises from today.
Starting
today (October 1), State
Bank of India has revised its service charges and also adopted
the repo rate as the external benchmark for its floating-rate loans.
Here are some of the most important changes that you must know about
if you are an SBI customer:
New
ATM withdrawal rules
According
to new rules, SBI will allow 8-10 free ATM
transactions in a month for its customers with average monthly
balance (AMB) of up to Rs 25,000 in their savings accounts. For
customers with AMB above Rs 25,000, SBI will allow unlimited
transactions at its own ATMs. The free limit at other banks' ATMs
would remain the same for all customers — three transactions in
metro cities and 5 transactions at ATMs in other cities and towns.
Customers
who exceed the number of free transactions will have to pay a fee
ranging from Rs 5 plus GST to Rs 20 plus GST.
Cardless
cash withdrawals at ATMs will be charged at Rs 22 plus GST.
SBI
salary account holders will continue to enjoy unlimited free
transations at all ATMs.
Cash
withdrawal
SBI
account holders with AMB of up to Rs 25,000 are allowed two free cash
withdrawals at bank branches. Those with AMB between Rs 25,000 and Rs
50,000 will get 10 free cash withdrawals.
Free
cash withdrawals for customers with AMB above Rs 50,000:
Above
Rs 50,000 and up to Rs 1,00,000: 15 free cash withdrawals
Above
Rs 1,00,000: Unlimited
Charges
for transactions beyond the free limit Rs 50 plus GST (per
transaction).
New
loans to be linked with repo rate
SBI
will use the repo rate as the external benchmark to price all its new
floating-rate loans for micro, small and medium enterprises (MSMEs),
housing and retail loans, and credit for medium-sized enterprises
from today.
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