NEW SERVICE CHARGES WILL APPLIED TO SBI BANK ACCOUNT HOLDERS FROM 1st JULY

From July 1, 2021, new service charges will apply to SBI Basic Savings Bank Deposit (BSBD) account holders. Withdrawals from ATMs, cheque books, transfers and other non-financial activities would all be subject to the additional fees. Any individual with acceptable KYC documents can open an SBI Basic Savings Bank Account.  The minimum balance required in an SBI BSBD account is zero, while the maximum amount that may be kept in this account is unlimited. A Basic Rupay ATM/cum-debit card is also supplied to BSBD account users.

The bank will collect charges in excess of the four free cash withdrawals, including those made in a branch and at an ATM. In other words, BSI account users who make more than four free cash withdrawals in a month will be charged a service fee. Customers would be charged Rs 15 + GST for each cash withdrawal transaction made at a Branch Channel/ATM. At all SBI and non-SBI ATMs, there will be a service fee of Rs 15 + GST per withdrawal beyond the first four free withdrawals.

BSBD account customers would receive 10 free cheque leaves every financial year from SBI. After that, a ten-leaf cheque book will cost Rs 40 + GST. A 25-leaf chequebook would cost Rs 75 + GST. For a 10 leaf or portion of a 10 leaf Emergency Cheque Book, Rs 50 + GST will be charged. The new service price on cheque books is waived for senior citizens.

SBI lowered the interest rate on home loans to 6.70 percent. SBI Home loan interest rates are now as low as 6.70 percent for loans up to Rs. 30 lakh, and 6.95 percent for loans between Rs. 30 lakh and Rs. 75 lakh, according to the bank. Interest rates on home loans over Rs. 75 lakh is 7.05 percent. Non-financial transactions by BSBD account holders would be free of charge.

Are Twitter and Facebook going to be banned in India as on today?

On February 25, the government proposed new laws for social media companies, mandating them to delete any information detected by authorities within 36 hours and establishing a comprehensive complaint redress system with a local officer. The government established a threshold of 50 lakh registered users for identifying an “important social media intermediary,” implying that big corporations such as Twitter, Facebook, and Google would be subject to further regulations.

Significant social media businesses will also be required to publish a monthly compliance report detailing the complaint the company has received and the actions company has taken. Companies must also have a physical contact address in India listed on their website or mobile app. The new laws go into force right away, but major social media platforms will have three months to comply before they have to.

Within 24 hours of receiving a complaint, social media firms will be required to remove content displaying nudity or modified photographs. Significant social media intermediaries must identify the “first creator” of the content, according to the guidelines. However, the intermediary will not be obliged to reveal the contents of any messages. This might have significant implications for companies like Twitter and Whatsapp. 

Users who voluntarily want to verify their accounts should be offered an adequate procedure, according to the guidelines. When a major social media mediator removes information on its own, users will need to be notified and provided an explanation.

The Ministry of Electronics and Information Technology had given the organizations a three-month deadline to adopt the regulations by May 25, but none had done so yet, with the exception of Koo, India’s equivalent of Twitter. Despite these organizations’ requests for a six-month delay in implementation, the restrictions will take effect on May 26.

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