It has been more than a week and people are going gaga over the country’s public and private banks’ newly imposed levy charges. The question that stormed over the bank authorities is quite legitimate and well mandatory. To be talked openly, this idea of charging us on our very own money is utterly ridiculous and now it appears like India’s leading Public bank State Bank of India has opened its eyes.
In a bid to cool down the ongoing wildfire on banks’ extreme charges, State Bank stepped down lifting the transaction charges, though it has its own conditions. The Bank authorities introduced a new system of credit cards and those SBI customers who hold this credit cards doesn’t have to pay any transaction charges for a tenure of four years.
One must maintain a minimum of Rs 20,000 in those credit cards and no transaction history is actually required.
When analysed it must be understood that these newly introduced credit cards are far advantageous when compared to the ongoing general ATM cards, as there will be no transaction charges for the following 4-year long tenure, all one has to bother about is managing a Rs 20,000 stock.