State Bank of India or SBI has in recent months revised its charges on various services like ATM withdrawal, cash transactions, issuance of cheque books, exchange of soiled notes and online transfer of funds through Immediate Payment Service (IMPS). SBI has said that its savings bank account customers will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metro cities and 10 free transactions in non-metro cities (five at SBI ATMs and five at ATMs of other banks). Transactions exceeding the permissible limit of free ATM transactions will attract a charge of Rs 20 plus GST of 18 per cent (on all ATMs). Even if your transaction gets declined due to insufficient balance, then also you will be charged Rs 20 plus tax for the transaction. In case of card-less withdrawals at ATMs fees will be Rs 22 plus tax per transaction.
However, customers of SBI’s Basic Savings Bank Account will get only four ATM free withdrawals per month, SBI added. After the four free ATM withdrawals, customers of Basic Savings Bank Account will be charged Rs. 50 plus tax for cash withdrawal at an SBI branch, Rs. 20 plus tax at other bank ATMs and Rs. 10 plus tax at SBI ATMs.
State Bank of India’s Basic Savings Bank Account is a limited-services bank account aimed at encouraging savings without burden of charges or fees, according to the bank’s website. This type of bank account comes with an ATM-cum-debit card free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account.
Meanwhile, customers of its mobile wallet State Bank Buddy will be charged 3 per cent plus GST of 18 per cent on transfer from Buddy to bank account using IMPS. SBI’s Buddy app allows its customers to transfer money with their contacts on phonebook or Facebook, recharge mobiles/DTH and transfer money instantly to their bank accounts.
SBI also revised charges for some other services for its customers, from June 1. Here are the key changes:
Charges on ATM cards: SBI said that issuance of new debit cards will be charged from June 1 and only the RuPay Classic Card will be issued for free.
Online transfer: Online fund transfer through IMPS will now be charged Rs. 5 plus GST of 18 per cent for amount from Rs. 1,000-Rs. 1 lakh; Rs. 15 plus tax for above Rs. 1 lakh and up to Rs. 2 lakh. Money transfers up to Rs. 1,000 using IMPS will not attract any charge, SBI said.
Cheque book: For savings bank account customers, if their quarterly average balance is up to Rs. 1 lakh, then first 25 cheque leaves are free in a financial year and thereafter a 10-leaf cheque book will be charged Rs. 30 plus tax, a 25-leaf cheque book will be charged Rs. 75 plus tax and a 50-leaf cheque book @ Rs. 150 plus GST of 18 per cent. However, if your quarterly average balance is more than Rs. 1 lakh, then cheque books will be free, Indian’s biggest lender said. Cheque books will also be free for senior citizens irrespective of their quarterly average balance. (See details here)
Exchange of soiled notes: SBI said exchanging up to 20 soiled notes or for value up to Rs. 5,000 will not attract any charges. However, more than 20 pieces of soiled notes will attract a charge of Rs. 2 per piece or Rs. 5 per Rs. 1,000 plus tax, whichever is higher on the entire tender, the bank said. For example, for 25 pieces of Rs. 500, which is equal to Rs. 12,500, the charges will be Rs. 2 per piece (Rs. 50 plus tax) or Rs. 5 per Rs. 1,000 (Rs. 62.50 plus tax), whichever is higher. The amount charged will be Rs. 62.50 plus tax. (See details)
Cash transaction through banking correspondents: SBI said cash deposits of up to Rs. 10,000 (in multiples of 100) through banking correspondents will be charged at 0.25 per cent of the value with a minimum of Rs. 2 and maximum of Rs. 8 plus tax. Cash withdrawal of up to Rs. 2,000 (in multiples of 100) through the same channel will be charged at 2.5 per cent of the transaction value (minimum of Rs. 6) plus service tax.