- SBI revises service fees on a variety of transactions
- 15% service tax replaced by 18% GST rate
- Rs. 25 more to be taken on ATM withdrawal via State Bank Buddy
State Bank of India or SBI, the country’s largest lender, revised the service fees on ATM withdrawals for users of its “State Bank Buddy” mobile app and various other cash transactions, effective June 1 . After the highly anticipated launch of the GST or Goods and Services Tax from July 1, the overall burden of these fees on SBI customers has increased further, as a 15 percent service tax has been replaced. by an 18 percent GST. SBI said Rs 25 plus GST will be levied to withdraw money from an ATM through State Bank Buddy. If you transfer funds from the SBI Buddy app to your savings account, you’ll have to pay a 3% fee plus tax, the public sector lender said in a statement. Release.
However, all normal savings bank accounts in a month will continue to benefit from eight free transactions at ATMs (5 at SBI ATMs and 3 at other banks’ ATMs) in subways and 10 free transactions in non- subways (5 at SBI ATMs and 5 at ATMs). other banks), added the SBI. If you exceed the authorized limit, a fee of Rs 20 plus tax will be levied for each additional withdrawal.
(Read also: How to avoid a fine for not maintaining the minimum balance on the SBI savings account)
The limit of four ATM withdrawals per month only applies to basic savings bank deposit accounts, SBI added. SBI’s Basic Savings Account is a limited-service bank account aimed at the poorest segments of society to encourage them to start saving without any charges or fees. This type of bank account comes with an ATM with free debit and no annual maintenance fee. The holder of a basic savings account cannot open any other savings account.
SBI also revised the service fees on various cash transactions for its clients, effective June 1. Here are some of the other key changes:
Online funds transfer via IMPS or immediate payment service will now be charged Rs. 5 plus tax for amounts up to Rs. 1 lakh, Rs. 15 plus tax for over Rs. 1 lakh and up to Rs. . 2 lakh and Rs. 25 plus tax for over Rs. 2 lakh and up to Rs. 5 lakh.
Exchange of soiled banknotes
If a customer wants to exchange more than 20 soiled tickets or if the total value of the soiled tickets is over Rs. 5,000, SBI said it will charge Rs. 2 plus tax for each soiled ticket.
From June 1, a customer with a basic savings bank deposit will have to pay Rs. 30 plus 18 percent GST for a 10-sheet checkbook, Rs. 75 with GST for 25-sheet checkbook and Rs. 150 plus tax for a 50 sheet checkbook.
Fees on ATM cards
SBI said that the issuance of new debit cards will be charged from June 1, and only the classic RuPay card will be issued for free.