The SBI Bank has issued a notification on April 1, reducing the penalty on a savings account. Last year, the SBI Bank issued a statement saying the penalty would be penalized if deposit amount was lower on April 1. In the big cities, account holders have to keep at least 5,000 rupees, account holders in urban areas, 3,000 rupees, account holders in small towns and Rs. 1,000 in rural areas to keep a minimum amount of 1,000 rupees.
The amount of money that is low is fined according to that amount. If the minimum amount is 75% deficit, 100 rupees and service tax must be paid. If there is a 50% to 75% deficit, extra tax with 75 rupees and 50% duty will be paid by service tax. The SBI had announced a fine of Rs.20 to Rs. 50 and Rs.
In this case, the SBI Bank has replaced the penalty again. This means that the SBI has reduced the penalty for the balance sheet in the savings account. In the municipal corporation a fine of Rs. 50 GST tax is Rs. Rs 65 will be charged and in the municipal area Rs. 52 will be charged. The fee for this new tariff will be effective from April 1. SBI has announced that it will benefit over 25 crore customers.