Cheque books, IFSC codes of 6 subsidiary banks invalid from Sept 30: SBI

The State Bank of India on Thursday notified its customers that cheque books and India Financial System (IFS) code of six of its subsidiary banks would be invalid from September 30 and asked them to submit new applications.

These banks are — Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank.

Earlier in April, these banks had merged with SBI, which put SBI among the top 50 banks in the world, reported Money Control.

The bank is also examining customer feedback over the charges for non-maintenance of monthly balance in their accounts, reported Business Today.

Earlier in April, SBI had retrieved charges for non-maintenance of monthly average balance (MAB) after five years.

"We have received feedback from our customers on the issue and we are reviewing those. The bank will take into account those and make an informed decision," Rajnish Kumar, the banks managing director (national banking group), told PTI.

On the minimum balance issue, Kumar also said that there could be a change in policy, especially for senior citizens and students who have an account with SBI.

MAB for metro branches were raised to Rs 5,000 and penalty for for non-maintenance of minimum balance was decided to be kept between Rs 50 and Rs 100. For urban and semi-urban branches, it was fixed at Rs 3,000 and Rs 2,000 respectively.

State Bank of India