Monday, 1 October 2018

SBI changes cash deposit rules for SB accounts

State Bank of India savings account holders, India’s biggest bank has removed the limit on the amount that can be deposited in a non-home branch. This was announced by SBI on Twitter.
“Good news SBI customers! Now, the upper cap for depositing cash at a non-home branch has been updated,” the bank said. A home branch is the branch where a customer has a bank account. All other branches of the bank are non-home branches for the customer.

According to SBI’s tweet, in personal savings bank account, there will be no restrictions on the amount that can be deposited at a non-home branch. Earlier, this limit was Rs 25,000, according to SBI’s website. SBI levies Rs 50 (plus GST) per transaction on cash deposits at non-home branches, says its website.

For SME segment accounts, the cap on cash deposits at non-home branch remains at Rs 2 lakh per day, SBI said in the tweet.

SBI has been urging its customers, who hold magstripe debit cards, to switch to chip-based debit cards. “Do not take a chance; get enhanced security for your debit card by applying for the SBI EMV Chip Debit Card without any fee at your branch or through OnlineSBI,” said SBI in another tweet.

1 comment:

  1. the article was not exhaustive rather incomplete

    ReplyDelete