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SBI says associate banks’ cheque books to be invalid

State Bank of India has asked customers of its erstwhile associate banks and Bharatiya Mahila Bank to obtain new SBI cheque books with new IFS Code. SBI said the old cheque books and IFS Codes of these six banks will not be valid after September 30. Users can avail the new cheque books via internet and mobile banking, ATM or by visiting the home branch. SBI had also clarified that charges for non-maintenance of monthly average balance does not apply to all its bank accounts. The corporate salary accounts, small and basic savings bank deposit accounts and accounts opened under the Pradhan Mantri Jan-Dhan Yojna are exempted from maintaining the monthly average balance. The lender stated that those who want to avoid paying the monthly average balance non-maintenance charges, they can convert their savings accounts into basic savings bank deposit accounts without any cost. It currently charges a penalty of up to Rs. 100 (plus GST of 18 per cent) per month for not maintaining the minimum balance in savings bank accounts. Customers holding SBI savings bank accounts in metro, urban, semi-urban and rural branches need to pay different penalty amounts for non-maintenance of monthly average balance.

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