SBI gives great relief to 45 crore customers 2020
State Bank of India, the country's largest government bank, has provided relief to 450 million customers. SBI has lowered the minimum balance limit for metros and rural areas. Now the average monthly balance has been raised to Rs 3,000 for metro and urban cities and Rs 1,000 for rural areas. In addition, the charge for not maintaining the minimum balance has been reduced.
sbi Average Monthly Balance Pay
About 45 crore customers will be relieved by SBI's new rule. Rs 5-15 and GST will be charged separately for not maintaining the minimum balance. SBI imposed a minimum average balance charge in April 2017. If we talk about metro cities like Delhi, Mumbai, Kolkata, Chennai, etc., a 0% reduction in the minimum balance will lead to a penalty of Rs 10 plus GST. If it is reduced by 50-75 per cent, the charge will be Rs 12 plus GST. If the account holder's balance is reduced by more than 75 per cent, a penalty of Rs 15 and GST will be levied.
The bank has also imposed a tax on the source from October 1. Under this, it will be implemented on remittances of more than Rs 7 lakh in the financial year. However, this does not include the payment of education loans. TCS will be levied on remittances sent for the purpose of foreign travel. TCS is applicable even if the amount is less than seven lakhs. To know what SBI has changed since October 1, tap the link below.
State Bank of India, the country's largest government bank, has provided relief to 450 million customers. SBI has lowered the minimum balance limit for metros and rural areas. Now the average monthly balance has been raised to Rs 3,000 for metro and urban cities and Rs 1,000 for rural areas. Along with this, the charge of not affecting the minimum balance has also been reduced.
About 45 crore customers will be relieved by SBI's new rule. Rs 5-15 and GST are charged separately for the expected minimum balance. SBI had imposed a minimum average balance charge in April 2017. Talking about metro cities like Delhi, Mumbai, Kolkata, Chennai, the minimum balance will be reduced from 50% to Rs 10 plus GST penalty. If it is reduced by 50-75 per cent, the charge will be Rs 12 plus GST. If the account holder's balance is reduced by more than 75 per cent, a penalty of Rs 15 and GST will be levied.
SBI lowers minimum balance limit
The bank has also implemented the tax collected at source since October 1. Under this, it will be implemented on remittances of more than Rs 7 lakh in a financial year. However, this does not include the payment of education loans. TCS will be levied on remittances sent for the purpose of foreign travel. TCS is applicable even if the amount is less than seven lakhs. To know what changes SBI has made since October 1
The average monthly balance for metros and urban cities has now been increased to Rs. 1,000,000 and for rural areas Rs. At the same time, the charge for not taking the minimum balance has been reduced.
About 45 crore customers will be relieved by SBI's new rule. Generally speaking, to maintain a minimum balance, Rs. 5-15 and GST is charged. SBI's minimum average balance charge was introduced in April 2017.
In the case of metro cities like Delhi, Mumbai, Kolkata, Chennai, a penalty of Rs 10 plus GST is levied on a 50 per cent reduction in the minimum balance. If it is reduced by 50-75 per cent, the charge is Rs 12 plus GST. If the account holder's balance is reduced by more than 75 per cent, the penalty is Rs 15 and GST is charged separately.
SBI offers relief to 450 million customers
In addition, the bank has also implemented a withholding tax from October 1. Under this, it applies to remittances of more than Rs 7 lakh in a financial year.
However, it will not include payments related to education loans. TCS is applicable even if the amount is less than seven lakhs.
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