eCircular

Department: NATIONAL BANKING GROUP - FINANCIAL

INCLUSION & MICRO FINANCE
Sl.No.: 1396/2018 - 19
Circular No.: NBG/FIMF/BC/CSP/16/2018 - 19
Date: Tue 15 Jan 2019

All Branches / Offices

Madam / Dear Sir,

Financial Inclusion
Business Correspondent (BC) Channel
Revision of Commission Payable to BCs and
Revision of fees collected from Customers

Please refer to e-Circular No.: RABG/RB-AC-BUSINESS C/18/2017 – 18 dated 16 th

December, 2017. Subsequently, it was decided to reimburse an amount equivalent to
3% of GST (for every Rs.18/- paid as GST, Rs.3/-) to BCs from 1 st February 2018.

2. In order to have better tax compliance, to promote remittance business & to have
more business based transactions, to compensate BCs / CSPs providing Kiosk Outlets
in Left Wing Extremist affected districts, Aspirational districts, 7 States of North Eastern
Circle and State of Sikkim, etc. the competent authority has approved the revised
commission structure payable to BCs and charges to be collected from customers.
While revised commission payable to BCs will be effective from 1 st January 2019 itself,
the revised Account Opening Fees, since waived has become effective from 8 th January
2019. Other charges to be collected from customers will come into effect from 1 st
February 2019 after development of suitable functionality in Kiosk Banking Portal. The
development of suitable functionality is already under process and will be advised
separately.

3. The details of commission payable to BCs and fee to be collected from customers
are provided as Annexure I & Annexure II separately.

4. Please bring the contents of this circular to the knowledge of all concerned for
meticulous compliance.

Yours faithfully,

(Sushmita Chadha)
Chief General Manager (FI & MF)
State Bank of India Business Correspondent Channel Proposed Commission Structure Annexure - 1
FIMF Department (Wef 01/01/2019)
Existing Proposed
SL Particulars
BC Remuneration BC Remuneration
SB account Opening with
1.a initial deposit below Rs.100/- Nil Rs.15/-
without Aadhaar
SB account Opening with
1.b initial deposit below Rs.100/- Rs.5/- per a/c Rs.15/-
with Aadhaar
SB account Opening with
initial deposit of Rs.100/- &
1.c Rs.5/- per a/c Rs.20/-
above but below Rs.500/-
without Aadhaar
SB account Opening with
initial deposit of Rs.100/- &
1.d Rs.10/- per a/c Rs.20/-
above but below Rs.500/-
with Aadhaar
SB account Opening with
1.e initial deposit of Rs.500/- & Rs.10/- per a/c Rs.20/-
above without Aadhaar
SB account opening with
1.f initial deposit of Rs.500 & Rs.15/- per a/c Rs.20/-
above with Aadhaar

Rs.10/- per account (Min. Deposit Rs.15/- per account (Minimum

2 Opening of RD Accounts
Rs.50/-) deposit - Rs.50/-)

0.50% of amount deposited (Max.Rs.25/- 0.50% of amount deposited

3 Opening of STDR
) (Max.Rs.50/-)

Upto Rs. 10,000/-: 0.25% Min Rs.2/-

Max Rs.8/-
Cash Deposit (Transaction
4 Rs. 10,001/- to Rs.15,000/-: Rs.10/- No Change
amount Rs.100 & above)
Rs. 15,001/- to Rs.20,000/-: Rs.12/-

5 Deposit in Loan Accounts 0.40% Min. Rs.2/- Max Rs.10/- No Change

State Bank of India Business Correspondent Channel Proposed Commission Structure Annexure - 1
FIMF Department (Wef 01/01/2019)
Existing Proposed
SL Particulars
BC Remuneration BC Remuneration

Cash Withdrawal
Upto Rs. 10,000/-: 0.50% Min Rs.3/- Upto Rs. 10,000/-: 0.50% Min
6 (Transaction amount
Max Rs.14/- Rs.3/- Max Rs.15/-
Rs.100 & above)

Upto Rs.2,000/-: Rs.4/-

>Rs.2000 to Rs.5,000/-: Rs.20/- 0.80% of remitted amount,
Remittance (Cash) (Non-
7 >Rs.5000 to Rs.10,000/-: Rs.40/- minimum – Rs.8/-, maximum
Home Branch A/Cs)
>Rs.10,000 to Rs.15,000/-: Rs.60/- Rs.80/-
>Rs.15,000 to Rs.20,000/-: Rs.80/-
Upto Rs.2.000/-: Rs.2.50/-
>Rs.2000 to Rs.5,000/-: Rs.12.50 0.50% of remitted amount,
Remittance (Transfer) (Non-
8 >Rs.5000 to Rs.10,000/-: Rs.25/- minimum – Rs.5/-, maximum
Home Branch A/Cs)
>Rs.10,000 to Rs.15,000/-: Rs.37.50 Rs.50/-
>Rs.15,000 to Rs.20,000/-: Rs.50/-
Upto Rs.10,000/-: 1% of the amount,
Remittance (Transfer) Min.Rs.3/-, Max Rs.10/-
9 No Change
(Home Branch A/Cs) Rs.10,001/- to Rs.15,000/-: Rs.12/-
Rs.15,001/- to Rs.20,000/-: Rs.15/-
IMPS (Cash) Upto Rs.2,000/-: Rs.4/- 1.00% of remitted amount,
10 (upto Rs.5,000/- through BC Minimum – Rs.19/- & Maximum
>Rs.2000 to Rs.5,000/-: Rs.20/-
channel) – Rs.50/-
IMPS (Transfer) Upto Rs.2.000/-: Rs.2.50/-
(upto Rs.20,000/- through >Rs.2000 to Rs.5,000/-: Rs.12.50 0.625% of remitted amount,
11 BC channel) >Rs.5000 to Rs.10,000/-: Rs.25/- Minimum – Rs.12/- & Maximum
>Rs.10,000 to Rs.15,000/-: Rs.37.50 – Rs.50/-
>Rs.15,000 to Rs.20,000/-: Rs.50/-
Rs.2000/- subject to opening
Rs.2000/-subject to opening minimum
minimum 50 accounts per month
12 Rural CSP (Incentive) 25 accounts per month or minimum 25
or minimum 100 transactions per
transactions per month
month or both.
State Bank of India Business Correspondent Channel Proposed Commission Structure
FIMF Department
SL Particulars
Weekly average balance
maintenance fee (each CSP)
13 (Min. 200 no. of accounts) (
minimum 25 transactions
during the month)
(Wef 01/01/2019)
Existing
BC Remuneration
i) 0.50% p.a. for average balance
<=Rs.1500/-
ii)1.00% p.a. for average balance
>=Rs.1501 to Rs.5000/-
iii) 1.50% p.a. for average balance =
Rs.5001 to Rs.10000/-
iv) 2.00% p.a. for average balance >
Rs.10000/-
(minimum 25 transactions
during the month)
Annexure - 1
Proposed
BC Remuneration
i) 0.50% p.a. for average balance
<=Rs.1600/-
ii)1.00% p.a. for average balance
>=Rs.1601 to Rs. 2000/-
iii) 1.25% p.a. for average
balance
>Rs.2000/- (Balances held in
account upto Rs.5,00,000/- only
will be considered for
calculation of incentive against
average balance maintenance
fee), Minimum no of
transactions during the month -
RU/SU - 100, UR/Metro - 200

i) Less than 85% - Nil

i) Less than 85% - Nil
ii) 85% and above - Rs.750/-
ii) 85% and above - Rs.500
iii) 90% and above -Rs1000/-
Non-zero balance account Non zero (funded) accounts
(each CSP) (Min. 200 no. of having monthly average balance
14 accounts) ( minimum 25 of Rs.100/- & above, Minimum
Non zero (funded ) accounts having 100 transactions during the month
transactions during the
monthly average balance of Rs.100/- & at rural / semi urban centre and
month)
above 200 transactions at urban / metro
centres

Aadhaar seeding (existing

15 Rs. 5/- per account No Change
account holders)
Inputting Valid Contact
16 Rs. 5/- per account No Change
Number
Rs.5/- per PIN reset per Account /
Generating Green PIN for
17 Month No Change
RuPay ATM Cards
For first time PIN generation
3% of GST calculated (Out of every
Partial reimbursement of
18 Rs.18/- of GST, Rs.3/- was reimbursed NIL. Since withdrawn.
GST
to BC)

Transaction Limit: BC channel

Deposit, Withdrawal, Remittance: Rs.20,000/- per transaction
AEPS & ATM Debit Card: Rs.10,000/- per transaction
IMPS: Rs.5,000/- per transaction (Cash) and Rs.20,000/- (transfer)
State Bank of India Business Correspondent Channel Annexure - II
FIMF Department (Fee to be collected from customers)

Existing Proposed
SL Particulars
Charges Charges
SB account opening fee including
1 Rs.20/- per account Nil
enrolment

Cash Withdrawal / Transfer First four withdrawals will be free in a First four withdrawals
(Home branch) (Maximum month. In excess of these four will be free in a month.
Rs.20,000/-) withdrawals, Rs.15/- + GST will be Therafter no transaction
2 charged per transaction. to be allowed.
Cash Withdrawal using Debit
Card / AEPS-On-US (Issuer)
(Max. upto Rs.10,000/-)
Upto Rs.2,000/- : Rs.5/- 1.00% of remitted
Tatkal Money Remittance for >Rs.2,000/- to Rs.5,000/- : Rs.25/- amount, Minimum
3 Non-Home Transactions (Deposit >Rs.5,000/- to Rs.10,000/- : Rs.50/- Rs.10/- & maximum
to Core by cash / Transfer) >Rs.10,000/- to Rs.15,000/- : Rs.75/- Rs.100/-
>Rs.15,000/- to Rs.20,000/- : Rs.100/-
Range Fee
Upto Rs.2,000/- Rs.5/-
IMPS transaction fee (cash 1.25% of remitted
>Rs.2,000 to Rs.5,000 Rs.25/-
transaction upto Rs.5000/- and amount, Minimum
4 >Rs.5,000/- to Rs.10,000/- Rs.50/-
transfer transaction upto Rs.24/- & maximum
Rs.20,000/-) >Rs.10,000/- to Rs.15,000/- Rs.75/- Rs.100/-

>Rs.15,000 to Rs.20,000/- Rs.100/-