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  • Category: Miscellaneous

    Here are the SBI bank transaction limits and penalties!!

    After Private banks announcement of transaction limits and penalties, a nationalized bank like SBI also announced its transaction limits and penalties makes common man get frightened. April 1st on wards a minimum balance of Rs.5000 is necessary in Metros, Rs. 3,000 is necessary in urban areas, Rs.2,000 for semi-urban and Rs.1,000 in villages. If the minimum balance falls below the limit Rs. 100 plus and Rs.20 service charge will be levied. A customer can deposit amount to his savings account freely only three times. After this free limit for every time the customer deposits one has to pay Rs.50 as service charge. An SBI customer can withdraw his money from other ATM's only three times. After that limit one has to loose Rs. 20 each time. Customers can withdraw their money 5 times from their own ATM after that they have to pay Rs.10 as service charge is time. If the ATM reject money transaction either because of lack of money in the account or for any other rejection, a penalty of Rs.20 and service charge will be levied. I think the other National banks also follow in suit. For those who maintain more than one lakh in their account they can use ATM transaction any number of times without any penalty. So the poor and average common man are the sufferers. Members what is your reaction to these changes in nationalized banks.
  • #592582
    What I understand is - Banks want all the poor and middle-class account holders to become rich to have more than Rs. 100000 as their deposit. So, our good God alone can help the poor and middle-class people. In fact, the order should be a reverse one. The poor and middle who have less than Rs. 100000 should be exempted from extra chages, and the rich having more than Rs. 100000 should be levied with extras charge for every transaction.
    No life without Sun ¤

  • #592586
    This is the great step taken by the banks to support the government of India to make people cash less. The government is playing with the people's money and we are with the government to do that. We will say nothing but to support. This is the frustration. The government of India has to achieve the target of changing the rule in this 6 month only.The people are very much adapted to accepted because we don't any option. If we will disagree they make you way out and the other way is same as this. So where to go stay here only.

    I simply angry with the decisions rapidly changing and people are hardly understand it. This is nothing but the organised loot.

    Prasanna
    Well done is better than well said

  • #592592
    Late in the evening the government has directed the SBI to reconsider its decision as proposed from 1st April 2017. Even SBI knows that it made some harsh decisions to be followed and that is why given liver time to gauge the reactions and when government itself not happy with its proposal means, there is going to be some changes nor total withdraw of new proposals as stated above. One thing is sure, if all banks follow this foot step, then no one shall save with the banks, and that will be a grave problem with them. This is not aimed at cash less transactions, this move is to help more Mallayas who know the secret of how to fool banks.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #592595
    When the Government is encouraging people to go cash-less, banks (both private sector and public sector banks) are making many efforts to ddeuct money from the customers by adopting various methods. So far as salary accounts are concerned, at the time of requesting people to open the accounts, banks say that in case of salary accounts, there is no criterion of minimum balance. Later they start deducting money for not maintaining minimum amount. Similarly, we have to pay a charge for NEFT or RTGS transaction. If, the Government prefers cash-less transaction, then why do the customers have to pay charges for NEFT or RTGS transfer of funds? But banks avoid these genuine questions.
    Caution: Explosive. Handle with care.

  • #592600
    The present Mr.Modi's government encouraged Bank's accounts for every Indian. But crores of people are earning a monthly salary of Rs. 4,000 to Rs. 8000. Can you expect such people to maintain a balance of Rs.5000 in their accounts. . It is ridiculous for banks to impose such service charges and penalties on common man.

  • #592620
    I don't think this has anything to do with government. This looks like banks own decision on this front. I would also consider if there are any other ways for many of the people to hold the cash. For example instead of making multiple banks, have to hold the money in one bank and avoid the account going dormant. I am going to close the accounts which are not in use. The reason being this way I don't incur the bank charges. I wonder how the common people are going to deal with it.

  • #592628
    The government in general and the banks in particular appear to be making people "Cash Less" in the real sense of the word. They are up in arms to promote a cashless society, but is it not important to make the technology available at every section? Do our private buses accept digital currency? Is it accepted at the local chaiwala or fish vendor? Well, there may be exceptional cases where a few roadside vendors accept digital money, but they remain just that - exceptional cases. If you want to bring up a cashless regime, why not implement it at the grassroots level and then charge those fees?
    On the one hand, you will not allow people to hoard cash, and on the other you have been attempting to stop them from depositing it in their account. What exactly is one expected to do?

    Live....and Let Live...!

  • #592630
    For a long time Banks wanted two things - to discourage people to take all the money from their respective accounts and to tell people to use ATM judiciously and not so many unnecessary times.
    This thinking forced Banks to stipulate the minimum balance in accounts and restriction on ATM usage. The only way to achieve this is to put some fee beyond the allowed transactions. Now if Banks charge some nominal fee then there may not be much hue and cry but charging hefty amounts as fee will definitely invite the rage of public which any organization will like to avoid.
    In this case same thing has happened. Banks should remember that they have to earn from their customers who are like golden goose and killing them will deprive the Banks from gradual earnings.
    I think Government has already taken note of the situation on direction from apex court and the issue will be resolved by reducing the fee to acceptable levels.

    Knowledge is power.

  • #592719
    I feel that the banks have ill-timed their announcements or re-implementation of various charges. However justified or justifiable they are from the banks' point of view, for the time being, banks are viewed as Shylocks who exploit the vulnerable and poor.

    There was a time when banks have uniform charges and the charges were very minimal. After the advent of new private banks, the whole concept got changed. It was money and money for anything and everything. Thus they showed huge profit.

    The same public who now cry fouls about charges and penalties , accused the public sector banks making losses and demanded their privatisation also, without knowing the full details . So when there was pressure on the public sector banks on services, they also started giving all modern services. Hence they also followed the new private banks style of charging. But still the tariff are very low in comparison.

    Earlier only the top crust people were banking with the new private banks. But now even a new recruit employee also has hi s salary account with new generation private banks. So they feel the pinch of the charges. That is why the clamour against the bank charges now.

    We should again move to have a uniform rate or at least range of charges for banks.

    Once again I state that the banks should NOT have hurried to implement or re-implement the charges. They should have used the opportunity of transition from cash to cashless for their own benefits. The present action from banks will also make people angry against the central government. So it is imperative on the central govt also to put a stop or regulation on bank charges to avoid peoples anger.


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