Have a SBI account? Get ready to pay extra if you deposit cash more than three times a month

India’s largest bank, the State Bank of India (SBI), has decided to bring back penalty on non-maintenance of minimum balance in accounts from April 1.

The SBI will also charge you for other services, including ATMs. If you have a savings account, SBI will allow you to deposit cash free of cost only three times per month, after which it will charge Rs 50 plus service tax on every transaction beyond that.

In case of current account, the levy could go as high as Rs. 20,000.

As per the list of revised charges of SBI, failure to maintain Monthly Average Balance (MAB) in accounts will attract penalty of up to Rs. 100 plus service tax.

In metropolitan areas, there will be a charge of Rs. 100 plus service tax, 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 service tax.

The charges are now being reintroduced from April 1. The Reserve Bank of India has permitted banks to levy charges for breaching minimum balance limit.

Withdrawal of cash from ATMs will attract a charge of up to Rs. 20 if the number of transactions exceeds three from other bank's ATMs in a month and Rs. 10 for more than five withdrawals from SBI ATMs.

However, SBI will not levy any charge on withdrawals from its own ATMs if the balance exceeds Rs. 25,000. In case of other banks' ATM there will be no charge if the balance exceeds Rs. 1 lakh.

SBI will charge Rs. 15 for SMS alerts per quarter from debit card holders who maintain average quarterly balance of up to Rs. 25,000 during the three months period.