India’s largest lender State Bank of India, revised service charges on various cash transactions for its customers, effective from June 1. Announced in a circular on the SBI website on Thursday morning, the revisions initially created confusion among customers over news that all cash withdrawals through ATM will now be charged at Rs. 25 per transaction. The bank later clarified that the Rs. 25 charge will be levied only on withdrawing money from an ATM through SBI’s mobile wallet app “State Bank Buddy.”
In an emailed statement to NDTV Profit, an SBI spokesperson clarified that a limit of four ATM withdrawals per month only applied to the Basic Savings Banks deposit account.
All normal Saving Bank accounts will continue to get 8 free ATM transactions (5 SBI ATMs + 3 other bank ATMs) in metros & 10 free transactions in non-metros (5 SBI ATM + 5 Other Bank ATMs) free, the clarification added.
Apart from ATM charges, SBI also revised service charges on various cash transactions for its customers. Here are some of the other key changes.
Online Transfers: Online fund transfer through IMPS will now be charged 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.
Exchange of Soiled Notes: Going forward SBI said it will charge 2 rupees for every soiled note on exchange of more than 20 notes or if the total value of exchanged notes is above Rs. 5,000 plus service tax.
Cheque Books: From June 1, a customer with a Basic Savings Bank Deposit will have to pay Rs. 30 plus service tax for a 10 leaf cheque book, Rs. 75 with service tax for 25 leaf cheque book and Rs. 150 plus service tax for a 50 leaf cheque book.
Charges on ATM Cards: SBI said that issue of new debit cards will be charged from June 1 and only Rupay classic card will be issued for free.
Cash Withdrawals: Customers with a Basic Savings Bank Deposit will get four free withdrawals (including ATM) in a month, after which withdrawals will be charged at Rs. 50 plus service tax at an SBI branch and at Rs. 20 plus service tax at other bank ATMS.