SBI changes its ATM, online and cash transaction fees

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Public lender State Bank of India (SBI) has revised its service charges on ATM (Automated Teller Machine) withdrawals.

These charges would be applicable to users of the bank’s mobile app “SBI Mobile Buddy”, as well as for various other cash and online transactions.

The country’s largest lender has started charging its customers Rs 25 per transaction for withdrawing money from an ATM through its mobile wallet app.

In addition to this, SBI will levy charges on withdrawals at branches and ATMs beyond the four free transactions, for its basic savings Basic Savings Bank Deposit Account (BSBDA) holders.

BSBDA is a zero balance savings account that enable basic services like an ATM card, monthly statement, and a chequebook.

There are no annual maintenance charges for BSBDA holders.

Regular savings bank account holders will continue to avail eight free ATM transactions (Five at SBI ATMs and three at ATMs of other banks) in metro cities and ten free transactions in non-metro cities (five at SBI ATMs and five at ATMs of other banks) in a month.

However, as per the new set of rules, for online fund transfers through Immediate Payment Service (IMPS), SBI will charge Rs 5 plus service tax for amounts of up to Rs 1 lakh, Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh, and Rs. 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh to all its customers.

BSBDA customers of SBI wanting cheque books would now have to pay Rs 30 plus service tax for a 10 leaf chequebook, Rs 75 with service tax for 25 leaf chequebook and Rs 150 plus service tax for a 50 leaf chequebook.

Effective from June 1, any customer wanting to change more than 20 soiled notes or if the total value of soiled notes is above Rs 5,000, will have to pay Rs 2 plus service charge for every note.

 

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