State Bank of India (SBI), the largest bank of the country, had made cheque books its erstwhile associate banks invalid from today. Old cheque books of its five erstwhile associate banks and the Bhartiya Mahila Bank, which have merged with the public sector behemoth, stand invalid from October 1. Earlier, SBI had said that account holders of State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank will have to apply for new cheque books. Old Indian Financial System (IFS) codes of the associate bank branches will also be invalid. SBI has its Twitter post dated September 20 pinned on top of its social media account:
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
Users can avail the new cheque books via internet and mobile banking, ATM or by visiting the home branch.
From October 1 onwards, customers of SBI savings account will also pay lower charges for not maintaining minimum average balance. SBI has also removed charges for account closure in some cases.
Savings accounts closed on settlement of deceased depositors, will also be exempt from charges with effect from October 1. SBI had levied a charge of Rs 500 plus GST earlier.
Earlier, if you closed a savings account in SBI after one year of opening it, it used to attract a charge of Rs. 500 plus GST. But from October 1, there will be nil charges for this service, SBI said.
SBI also reduced the monthly average balance requirement for metro cities – from Rs. 5,000 to Rs. 3,000 – and slashed charges for non-maintenance of minimum balance by up to 50 per cent effective today. SBI further said that savings accounts of pensioners, beneficiaries of social benefits from the government and the accounts of minors will be exempt from maintaining monthly average balance from today.