State Bank of India (SBI), the country's largest government bank, has made infrequent changes in the year 2018-19. These changes include checkbooks, minimum balances, ATM regulations, RTGS, NEFT, etc. These rules will immediately affect consumers. While some SBI's changes will give benefit to bank account holders, some rules may also wreck them. Let me tell you about these rules. The State Bank of India has made the transactions more costly by check. The bank had issued a new list of service charges. As per reports, only 10 checks will be free instead of 25 in a financial year on the savings account. Thereafter to take 10 checks, consumers will have to pay 40 rupees. After the first free checkbook, to buy 10 checks, earlier consumers had to pay Rs. 30 for it. Consumers will have to pay GST separately.

SBI has also tightened the rules of cheque returns. As per the announcement of the bank, after October 2019, any check returns due to any technical (other than bounce), the cheque issuer has to pay extra Rs. 150, plus GST. The fee will be Rs. 168 by joining GST. SBI ATM fees had been changed from October one. The bank's customers will be able to transact free debit transactions a maximum of 10 times from SBI ATMs in metro cities. Recently, this limit was six transactions.

SBI has decreased the monthly minimum balance amount in metro cities from 5000 to 3000. The charge for not keeping a minimum balance of account holders in full urban areas has also reduced. If the balance is less than 75 percent from the fixed amount in the account, the penalty will have to be Rs. 80 and GST. Those who have balances from 50 to 75 percent in the account will have to pay a fine of Rs. 12 and Rs. 10 plus GST for balance less than 50 percent. The bank has also finally dismissed the monthly charges on Internet and mobile banking transactions. Customers with an average monthly balance of Rs. 25000 in their account can withdraw money twice free from the bank branch.

This year SBI started a new facility for its customers. SBI had promoted customers to make payments in EMI by purchasing debit cards. This allows customers to reach all their expenses. The main thing is that there will be no added fee. Customers of the bank can purchase any consumer durables goods on EMI in India through point of sale (PoS) machines. You will get six months to 18 months to pay the installments. Not only that, you don't even need documentation under this facility.

The fee for National Electronic Fund Transfer (NEFT) and Real-Time Gross Settlement (RTGS) has also changed. NEFT transactions up to Rs 10,000 will take GST with two rupees. The customers will have to pay GST of Rs. 20 for NEFT amount transfer more than two lakh. Transferring two lakh to five lakh from RTGS will take GST with Rs. 20. Transactions of higher than five lakh rupees will be charged Rs 40 plus GST. 

RTGS means a real-time gross settlement system. 'Real-time' indicates immediately. Meaning as soon as you transfer the money, it reaches the account in a little while. RTGS is used for the transfer of more than two lakh rupees. NEFT means national electronic funds transfer. NEFT is used for transactions up to two lakh rupees through the internet. Through this, money can be sent to the bank account of any branch from any bank account of any branch. The only requirement is that both the sender and the money-seeker must have internet banking service. If both accounts belong to the same bank, the money can be transferred within a few seconds in normal condition.

Image credit: economictimes