Public sector lender State Bank of India has asked customers of its subsidiary banks to apply for new cheque books and IFS codes "as soon as possible".
Going digital by taking help from microblogging platform Twitter, the bank said that all users from associate banks of SBI and the Bharatiya Mahila Bank will need to upgrade their cheque books.
Accounts 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 Bharatiya Mahila Bank will have to apply for the new cheque books and IFS codes, NDTV reported.
The bank further said that the old cheque books and IFS codes of the six banks will be valid until September 30. Users can avail of the new cheque books via the Internet and mobile banking, ATMs or by visiting the home branch, the lender added.
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
SBI, however, said that the charges for non-maintenance of monthly average balance does not apply to all its bank accounts. Corporate salary accounts, small and basic savings bank deposit accounts and accounts opened under the Pradhan Mantri Jan Dhan Yojna are exempted from maintaining monthly average balance.
Earlier in August, in a reply to an RTI query, SBI had said that the bank has collected Rs 235.06 crore as penalties from 38.8 crore accounts for not maintaining monthly average balance in the first quarter of fiscal 2018.
Of the 40 crore savings bank accounts that SBI has, 13 crore accounts fall under this exempted category, the state-owned lender said.
Earlier on April 1, SBI's associate banks State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore, besides Bharatiya Mahila Bank merged with the SBI.
With the merger, SBI has been catapulted to the ranks of the top 50 banks in the world in terms of assets now worth Rs 37 lakh crore. The bank has grown its deposit base to over Rs 26 lakh crore and advances to around Rs 18.50 lakh crore, 22,500 branches, of which 20,000 are its own and 58,000 ATMs.
