The State Bank of India has asked its customers to stop using cheque books of its 6 subsidiary banks as they would be invalid from September 30 onwards.
The country's biggest public lender has asked the account holders of State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank to submit the application to change the cheque book and said that Old cheque books and IFSC codes will be invalid after September 30.
Meanwhile, State Bank of India (SBI) said it is reviewing charges for certain categories of accounts for non-maintenance of monthly average balance (MAB) after receiving feedback from customers.
In April this year, the country's largest lender reintroduced charges on non-maintenance of monthly average balance (MAB) after a gap of five years.
"We have received feedback from our customers on the issue and we are reviewing those. The bank will take into account those and make an informed decision," the banks managing director (national banking group) Rajnish Kumar told PTI.
"We will internally debate whether any moderation for certain categories of customers like senior citizens and students needs to be done anywhere. The charges are never cast in iron."
As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts will attract penalty of up to Rs 100 plus goods and services tax (GST).
In metropolitan areas, there will be a charge of Rs 100 plus GST, if the balance falls below 75 per cent of the MAB of Rs 5,000. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST.
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST.
(With inputs from PTI)
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