Penalty of Rs 1145 for closing SBI account within a year of opening
Thodupuzha: Closing SBI’s savings bank account which are not one year-old will attract a penalty of Rs 1145. If the closure is done after 6 months of opening the account, the fine will be Rs 500 and 14.5 percent service charge.
SBI’s revised service charge rates came into effect from April 1. With the completion of merger between SBI and SBT, the new guidelines were put into effect in three SBT branches the other day.
With the bank hiking the penalty for non-maintenance of minimum balance in accounts, customers are put in a lot of difficulty with the newly introduced rules that come into effect from time to time. The bank has also revised charges on other services too, including ATMs.
If the minimum balance is not maintained or if a customer had withdrawn money more than the allotted number, then the penalty will be recovered when closing the account.
The bank will not encourage customers to hold more than one account in the bank.