State Bank Revised Average Balance Limit

State Bank of India (SBI) has reviewed the requirement of maintaining Monthly Average Balance (MAB) and the charges for non-maintenance of MAB. In this context SBI would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges. In respect of the rest, it has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors. Therefore, this is in addition to the already exempted categories under PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD).

federal bank po recruitment

Federal Bank PO Recruitment August 2017

Probationary Officer


Location: Any State in India

Industry: Banking

Occupational Category: Relationship Banking

Hours: Full-time

Salary:Rs 30,000 to 40,000

Description: Federal Bank Ltd. Seeks energetic candidate to join as officer in Scale 1 .

Age Requirements:Candidates shall not exceed 26 years as on 01.07.2017 (candidates should be born on or after 02.07.1991) for being eligible for the post of Officer.


  • Relationship Banking
  • Customer Facing Roles

Educational requirements:

  • Graduation with minimum 60% marks from any recognized university or other institutions established by an Act of parliament or declared to be deemed as a University under Section 3 of U G C Act, 1956
  • Should have obtained minimum 60% marks for SSC or equivalent exam & 60% marks for Plus 2 or equivalent exam.
  • Candidates should have acquired the stipulated educational qualification through regular mode of study.

Experience requirements:

  • N.A

Desired Skills:

  • N.A


  • Graduation


  • Candidate who joins the Bank as Officer in Scale I will be offered the following pay scale:`
    DA, HRA, CCA will be paid as per rules of the Bank in force from time to time depending upon the place of posting. Medical Aid, Hospitalization Scheme, Leave Fare Concession,retirement benefits and other perquisites will be admissible as per Bank’s rules


  • Annual Ex Gratia based on bank’s performance

If interested in this position, read full notification of bank here

Date Posted: 2017-08-21
Valid Through: 2017-09-04

SBI Charges

SBI Cut Interest Rates on Savings Bank Deposits

SBI Cut Interest Rates on Savings Bank Deposits

India's largest lender State Bank of India (SBI) on Monday cut interest rates on savings bank deposits by 0.5 per cent. Banks were flushed with liquidity after Government's demonetization move last year.

The new interest rates on savings bank deposits will be come into effect from 31st July.

Now, for saving deposits balance up to Rs 1 crore, SBI will offer a rate of 3.5 per cent as compared to 4 percent earlier, the bank said.

However, for saving deposits balance above Rs 1 crore, rate of interest has been retained at 4 per cent per annum.

To promote digital banking, SBI had earlier reduced charges levied on Real-time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transactions up to 75 per cent.

NEFT and RTGS are electronic money transaction mechanisms used to transfer money between two different bank accounts anywhere in the country.

New Bank Charges

Banks, including HDFC Bank, ICICI Bank and Axis Bank, from March 1 started levying a minimum charge of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges will apply to savings as well as salary accounts effective from Wednesday, HDFC Bank said in a statement.

According to HDFC bank’s new rule, apart from having to pay an additional Rs 150 for the fifth transaction after four free ones, consumers will have to pay cess and an additional service tax.

While a transaction of Rs 25,000 from a non-home branch won’t cost you a penny, anything above Rs 25,000 will be charged Rs 5 per thousand or a minimal amount of Rs 150 once and for all. The tax and cess will be applicable on this amount as well.

At a home branch, if the cumulative cash (deposit and withdrawal) exceed Rs 2 lakh, a transaction charge of Rs 5 per thousand rupees or Rs 150 (plus tax and cess) will be levied.

According to HDFC, there will be no charge or tax for minors and senior citizens up to an amount of Rs 25,000 per day.

Third party transactions above Rs 25,000 won’t be allowed. Only a transaction up to Rs 25,000 with Rs 150 charge will be accepted.

However, the cash handling charges imposed after the note ban have been removed completely.


In case of ICICI Bank, the charges are the same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others.

According to details on ICICI Bank website, there will be no charge for the first four transactions a month in the home branch, while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. The third party limit would be Rs 50,000 per day.

For non-home branches, ICICI Bank would not charge anything for the first cash withdrawal of a calendar month and Rs 5 per thousand rupees thereafter subject to a minimum of Rs 150.

For cash deposit anywhere, ICICI Bank would charge Rs 5 per thousand rupees (subject to a minimum of 150) at branches, while deposit at Cash Acceptance Machine would be free of charge for the first cash deposit of a calendar month and Rs 5 per thousand thereafter. ATM intercharge charges have also been re-introduced.


At Axis Bank, the first five transactions or Rs 10 lakhs of cash deposits or withdrawals would be free and charged at Rs 5 per thousand rupees or Rs 150, whichever is higher.

When contacted, a senior official said there has been no directive from the government to the banks regarding levy of such charges.


Methods to beat demonetization



This is the era of demonetization and start of cashless banking for India. While this bold move by PM Modi is commendable and will brighten India’s future but at the same time public is struggling for lack of cash in ATM machines and long queue’s in bank branches.

With this note, you should also know that there are many ways of paying all your bills, utilities and even do daily shopping without any cash in hand. You don’t need to stand in ATM’s or branch queue’s daily for your money needs.

Here is a quick glance of what you can do with these payment methods:

  1. Pay utility bills like electricity, water, telephone etc.
  2. Recharge mobile, DTH etc.
  3. Buy your daily groceries and even vegetables and fruits.
  4. Shop in malls or departmental stores.
  5. Pay for food in restaurant or online ordering.
  6. Booking of railway tickets, air tickets or any other travel tickets.

Now, we will begin with various types of payments methods which may ease your daily life to a great extent:

  1. Electronic Wallets
  2. UPI – Unified Payment Interface
  3. USSD – Unstructured Supplementary Service Data
  4. AEPS – Aadhar Enabled Payment System
  5. Cash/Point of Sale Machines

Various wallets are available in India through which you can do all online payments and even shop in some stores. You need to transfer money from your account in these wallets and use them wherever you want. Top wallets in India are:


PayTM is one of the largest electronic wallets cum e-commerce platforms in India, offering its customers a digital wallet to store money, make quick payments and purchase all sort of items.

After demonetisation, PayTm has also tied up with various stores like big bazaar where you can shop and pay through wallet. Even some tea and milk stalls and vegetable as well as fruit vendors now accept payment through PayTm.


PayUMoney, a Gurgaon-based company that provides online payment solutions launched its wallet service last year. This e-wallet by PayUMoney enables the user to store cash and pay for various services and transactions.


MobiKwik is an independent mobile payment network that allows its users to add money using debit, credit card, net banking and even doorstep cash collection service, which can in turn be used to recharge, pay utility bills and shop at marketplaces. 


Citrus Pay is also a popular e-wallet app for cash storage, payments and money transfers.

Besides these top wallets, other known e-wallets are:



 Unified Payments Interface was launched by NPCI (National Payments Corporation of India) to facilitate towards government’s and RBI move of cash less and more digital society.

UPI is built on IMPS platform (Immediate Payment Service Platform) and basically powers bank accounts of various participating banks (in NPCI) to carry out following functions:

UPI platform can be used for:

  • Immediate money transfer through mobile device round the clock 24*7 and 365 days.
  • Single mobile application for accessing different bank accounts
  • Single Click 2 Factor Authentication .
  • Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
  • Bill Sharing with friends.
  • Merchant Payment with Single Application or In-App Payments.
  • Scheduling PUSH and PULL Payments for various purposes.
  • Utility Bill Payments, Over the Counter Payments, Barcode (Scan and Pay) based payments.
  • Donations, Collections, Disbursements Scalable.
  • Raising Complaint from Mobile App directly.

 You must be aware that telecom operators use USSD platform for mobile recharge and enquiries like balance, various offers etc. Now, we can use the same platform for banking service and fund transfer also on the basis of your registered mobile number. The connection to the server of your bank goes through the servers of telecom companies and NPCI handles all the technicality of this USSD service. A special number *99# is fixed to access the banking services. This number works across the banks and his system of banking transaction is termed as the NUUP (National Unified USSD Platform).

NUUP uses USSD to perform various financial, non-financial and value added services. You can not only check your balance and see mini statement but also send money. There are some more options such as show MMID, generate OTP and change M-PIN.

USSD code For Different Languages

USSD code is available in regional languages also. Currently, this service is available in 10 regional languages along with Hindi and English.

  1. English *99#
  2. Hindi *99*22#
  3. Tamil *99*23#
  4. Telugu *99*24#
  5. Malayalam *99*25#
  6. Kannada *99*26#
  7. Gujarati *99*27#
  8. Marathi *99*28#
  9. Bengali *99*29#
  10. Punjabi *99*30#
  11. Assamese *99*31#
  12. Oriya *99*32#

However, at present USSD in languages other than English can be used only for following three services viz Balance enquiry, Mini statement and Funds transfer using IFSC and Account number

How to use USSD: This flowchart will show how you can use USSD for payments and other facilities:

Dial *99# from your registered mobile and wait for 5 seconds.

Enter the three letter abbreviation of your bank name or first four-letter of bank IFSC or first two digits of bank’s numeric code and hit send or call button.

You will see some options for the services. It can be different for different banks. These options are-

  1. Account Balance
  2. Mini statement
  3. Send money using MMID
  4. Send Money using IFSC
  5. Send money using Aadhaar Number
  6. Show MMID
  7. Change M-PIN
  8. Generate OTP

You can use any desired option like for sending money using IFSC, you need to press 4 from your mobile and thereafter enter beneficiary account number and IFSC code.

USSD uniquely offers payment through Aadhaar number. If the Aadhaar number is linked to the beneficiary account, then you can transfer money using Aadhaar number. Enter 5 and submit to access next menu. Enter beneficiary Aadhaar number, amount and remarks (optional) and click submit to go to the next step. Enter your mobile banking M-PIN and last four digits of your account number and submit to transfer money. A confirmation screen showing success response will be displayed.

Charges and transaction limit for USSD Banking

The telecom service providers will charge to use NUUP services. However, TRAI has set a maximum limit of ₹ 1.50/ transaction but you need to contact your telecom service operator to confirm exact charges. The transactions limit for NUUP is set to ₹ 5000 per transaction by Reserve Bank of India (RBI).

  1. Aadhaar Enabled Payment System (AEPS)

Like UPI and USSD, this is another step taken by NPCI towards digital India which enables you to get money through your Aadhaar number and data.

AEPS (Aadhaar Enabled Payment System) requires you to register your Aadhaar number in your bank account and then through BC (Banking or Business Correspondents) you can get your money without any need of debit card or signature or visiting branch premises.

Main functions which are at present enables through AEPS (Aadhaar Enabled Payment System) are:

  1. Balance Inquiry
  2. Cash Deposit
  3. Cash Withdrawal
  4. Aadhaar to Aadhaar Fund Transfer

Except Fund transfer, one can perform all the transactions through the banking correspondent of any bank. For fund transfer, you will need the BC of your own bank.

Modus Operandi of Aadhaar Enables Payment System (AEPS)

You must be thinking how one can withdraw money with only Aadhaar number and what if someone uses someone else’s Aadhaar number. When you enrolled for Aadhaar, UIDAI took your fingerprints and iris image which are unique for each and every person. AEPS uses this basic for verification of transaction.

The fingerprint is authenticated by the UIDAI. In response to a transaction, UIDAI tells to the bank about the authenticity of the user. Once, UIDAI authenticates, the bank gives green signal to the transaction.

So, in the Aadhaar Enabled Payment System following 6 institutions are involved.

  1. You, the bank customer
  2. Banking correspondent – The facilitator of AEPS
  3. The bank of BC – The bank to which banking correspondent is attached
  4. Your Bank – the bank with which you held the bank account
  5. NPCI – It does switching, clearing and settlement of transactions
  6. UIDAI – For finger-print authentication

 Charges of AEPS

Using AEPS for banking transaction is quite easy but a bit costly and charges can go upto Rs 15 for one transaction. UIDAI may charge a nominal fees for authentication, however it is not charging yet. The NPCI charges 10 paise for authentication and 25 paise for settlement. And finally, the bank can charge 1% of the transaction value if it is related to other bank. The minimum fess for other bank transaction would be Rs 5 and maximum fees would be Rs 15. (source-UPI website)


PoS machines are also very helpful in this move towards digital India and cashless banking. Nowadays almost all merchants purchase one or other PoS machine and you can simply swipe your debit or credit card there to pay for your purchase or food bill or anything else. Usually, merchants pay fee to the bank for PoS transactions but some merchants may also charge you some percent of total billed amount.