In sbi account every month debited 88.50 for what purpose
Answers
State Bank of India (SBI) has reintroduced penalty for non-maintenance of minimum balance in accounts and has also revised the charges for services like SMS alerts, ATM etc.
According to the new rules, a certain amount of money shall be debited from the account if any of the following situations shall arise:
1. Failure to maintain minimum Monthly Average Balance (MAB) in the accounts. The charges and MAB varies according to the location of the bank.
2. Withdrawal of cash from ATM shall be charged if more than 3 transactions are made at other bank ATMs and more than 10 transactions at SBI ATMs.
3. SMS alerts shall be charged per quarter from debit card holders.
Therefore, the Rs. 88.50/- that is debited every month shall be due to any of the above reasons.