State Bank Of India Introduces Multi City Cheques Facility (11-Jul-2012)
State Bank of India (SBI), country's largest public sector, lender has introduced multi-city cheques with a limit of Rs 5 lakh for personal banking customers. It is taking this initiative to retain its existing customers, attract new ones and enhance its deposit base.
In multi-city cheque facility, customer can issue cheques that are drawn at the base branch in one city and payable at a branch of the bank at any other city. These cheques will be treated as local cheques at the remote branch. There will be no collection charges and the amount will be credited on the same day, as in the case of local cheques.
Bank will not charge any collection fees even if the cheque is dropped at a bank other than the base bank. The first 50 cheque leaves will be given free to every customer and the charge for subsequent issues has been reduced from Rs 3 to Rs 2 per cheque leaf. Recently, SBI had introduced 'minimum balance' policy and announced a waiver of that requirement.
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