SBI To Charge Rs 100 On Every Cheque Payment Less Than Rs 2000, Will Be Implemented This Month Itself
After a series of new amendments to its rules, State Bank of India (SBI) now came up with its new rules on the cheque transactions and other bill payments. Earlier, it imposed certain rules on maintaining the minimum balances in savings accounts and now, the modifications are regarding the cheque payments and other bill transactions.
And coming to the details, SBI unveiled its levy charges rule on Tuesday. Any transaction that happens through cheque or any bill payment which is less than Rs 2000 will be charged from this month itself and the precise amount that’ll be charged is Rs 100.
It is believed that this National bank is trying to encourage its 4 million account holders towards using credit cards in 90 locations throughout the country. This idea was up brought by the State Bank of India and GE Capital together. However, this move in which the additional processing cost is included was brought up by government post demonetization, in a bid to push the country towards digitisation.
Though the announcement came late, the amount will be charged on the transactions that took place from April 1st, 2017 itself. And it must be noted that no rupee will be charged on any amount that is greater than Rs 2000.
Following this, regarding the payment-related disputes on small cheques, the SBI card CEO Vijay Jasuja was quoted saying:
“We offer various seamless digital modes of payment which we are seeking to encourage, in line with the government’s focus towards digital payments and this step will facilitate the same.”
Account holders of the following types of accounts are exempt from requiring to maintain an average monthly balance: pic.twitter.com/61U8QNu7xR
— State Bank of India (@TheOfficialSBI) April 11, 2017
However, SBI exempted the new SBI Unnati card holders from this cheque-payments’ charges. Earlier to this, the government also excluded the SBI account holders from maintaining minimum account balance, though the offer was limited to those who opened accounts under government’s Pradhan Mantri Jan-Dhan Yojana scheme.