- Customers of SBI's subsidiary banks need to apply 'as soon as possible'
- The old cheque books will be invalid from September 30
- Old IFS (Indian Financial System) codes will also be invalid
We request customers of SBI's erstwhile Associate banks and Bharatiya Mahila Bank to apply for new SBI Cheque books as soon as possible. pic.twitter.com/iWhq4xtbrn— State Bank of India (@TheOfficialSBI) September 20, 2017
SBI also stated that the old cheque books and IFS codes of these six banks will not be valid after September 30. Users can avail the new cheque books via internet and mobile banking, ATM or by visiting the home branch.
Last week, SBI also clarified that charges for non-maintenance of monthly average balance does not apply to all its bank accounts. The corporate salary accounts, small and basic savings bank deposit accounts and accounts opened under the Pradhan Mantri Jan-Dhan Yojna are exempted from maintaining the monthly average balance. Out of the 40 crore savings bank accounts that SBI has, 13 crore accounts fall under these exempted category, the state-owned lender said.
It currently charges a penalty of up to Rs 100 (plus GST of 18 per cent) per month for not maintaining the minimum balance in savings bank accounts. Customers holding SBI savings bank accounts in metro, urban, semi-urban and rural branches need to pay different penalty amounts for non-maintenance of monthly average balance.