The State Bank of India or SBI has revised its fees on various services such as ATM withdrawals, cash transactions, issuing checkbooks, exchanging soiled banknotes and transferring funds online through the service of immediate payment or IMPS from June 1. India’s largest bank has clarified that customers of its State Bank Buddy mobile wallet will be charged Rs 25 for each ATM withdrawal. SBI’s app – State Bank Buddy – allows its customers to withdraw money from ATMs using the bank’s mobile wallet. However, savings accounts will continue to benefit from eight free transactions at vending machines (five at SBI vending machines and three at vending machines at other banks) in subways and 10 free transactions in non-metros (five at vending machines SBI and three at ATMs of other banks), the public sector lender added.
The limit of four ATM withdrawals per month only applies to basic savings bank deposit accounts, SBI added. The State Bank of India Basic Savings Account is a limited-service bank account aimed at the poorest segments of society to encourage them to start saving without any fees or charges, according to the bank’s website. This type of bank account comes with an ATM with free debit and no annual maintenance fee. The holder of a basic savings account is not entitled to open or keep another savings account.
SBI has also revised the prices of other services for its customers, effective June 1. Here are the main changes:
Cash withdrawal: Customers with a basic savings bank deposit will get four free withdrawals (including ATMs) in one month, after which withdrawals will be charged – at Rs. 50 plus branch service tax SBI and at Rs. 20 plus service tax at other ATMs.
Fees on ATM cards: SBI said that the 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 funds transfer via IMPS will now be charged Rs. 5 plus service tax for amounts up to Rs. 1 lakh; Rs. 15 plus service tax for over Rs. 1 lakh and up to Rs. 2 lakh and Rs. 25 plus service tax for amounts over Rs. 2 lakh and up to Rs. 5 lakh.
Checkbook: From June 1, a customer with a basic savings bank deposit will have to pay Rs. 30 plus service charge for a 10-sheet checkbook, Rs. 75 with service charge for a 25-sheet checkbook and Rs. 150 plus service charge for a 50 sheet checkbook.
Exchange of soiled banknotes: SBI said exchanging up to 20 soiled tickets or for a value of up to Rs. 5,000 will not attract any charge. However, more than 20 pieces of soiled banknotes will incur a charge of Rs. 2 per coin or Rs. 5 per Rs. 1,000 plus service charge, whichever is greater on the entire tender. , the bank said. For example, for 25 coins of Rs. 500, which equals Rs. 12,500, the charges will be Rs. 2 per coin (Rs. 50 plus service tax) or Rs. 5 per Rs. 1,000 (Rs. 62.50 plus service tax). The amount charged will be Rs. 62.50 plus service tax.
Cash transactions through correspondent banks: SBI said cash deposits of up to Rs. 10,000 (in multiples of 100) via correspondent banks will be charged at 0.25% of value with a minimum of Rs. 2 and maximum of Rs. 8 plus service tax. Withdrawal of cash up to Rs. 2,000 (in multiples of 100) through the same channel will be charged at Rs. 2.50 percent of the value of the transaction (minimum of Rs. 6) plus service tax .