April 6 to be marked as ‘No Transaction Day’; viral message galvanises support against SBI's new rules

In the wake of recent announcement by State Bank of India (SBI) to increase the minimum balance in savings account from April, fuming customers have planned a No Transaction Day on April 06, 2017.

This protest would manifest public outrage over increasing minimum balance and decreasing rate of interest on deposits, affecting 31 crore depositors, including pensioners and students.

The monthly average balance (MAB) requirement has been increased to as high as Rs 5,000 for branches in six metros.

Savings bank account holders of SBI and its five associates (merging with it on April 1) will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities).

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To this end April 06, 2017 will be a no transaction day with banks. And if there is no roll back of this extended penalty, April 24,25,26, 2017 would also be observed as No Transaction Day.

A message has been doing the rounds on social media to galvanise support for coming out and raising voices of dissent against this penalty as announced by SBI.

Here is a look at the new rules to be implemented from April 1, 2017:

1. Minimum 3 times deposit free in your account, After more than 3 times deposit you will have to  pay 50/- per deposit.

2. Minimum 5000/- balance maintain in metro city branch account holder.

3. Minimum 3000/- balance maintain in city/town branch account holder

4. Minimum 2000/- balance maintain in semi-urban area branch account holder.

5. Minimum 1000/- balance maintain in villages branch account holder

6. If you do not maintain minimum amount in your account you will pay up to 200/- + extra surcharge.(depending on how many days)

7. SBI ATM free for 5 times use, after 5 times you will pay 10/- per transactions.

8. Other bank ATM free for 3 times use, after 3 times you will pay 20/- per transactions.

9. Unlimited SBI ATM use without any charges, If you maintain 25000/- in your SBI savings account.

10. Unlimited SBI & OTHER BANK ATM use without any charges, If you maintain 100000/- in your SBI savings account

11. 15/- SMS charge you will pay after 3 months, (SMS charge free, If you maintain 25000/- in your SBI savings account)