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SBI account holders to pay extra for online transactions
Posted on: 05/Jun/2017 6:05:59 PM
For online transactions, all State Bank of India account holders will have to pay extra as service charge, and the same applies to exchange of soiled notes. This has come into effect from 1st June 2017.
Amidst a time when the government is stressing all the citizens to migrate towards a cashless, digital economy following the humongous demonetization, there were drastic revisions made in service charge by the largest bank, State Bank of India. The revision in service charge has come into effect on 1st June 2017.
Here is a list of all the changes newly incorporated:
ATM withdrawal
For all withdrawal done through SBI mobile app, State Bank Buddy, through ATM, the charge will be Rs 25 per transaction. There will be no charge for transactions made up to 4 per month. When done beyond 4 transactions, Rs 20 plus service tax per transaction will be imposed on the Basic Savings Bank deposit in case of other bank ATM withdrawal, and Rs 10 with SBI’s own ATMs. For normal bank accounts like savings account, there will be 8 free transactions at metros and 10 free transactions at non-metros.
Charges towards withdrawing from savings account:
For cash deposits made into SBI Buddy, the mobile wallet, up to Rs 10,000, the charge will be Rs 0.25 percent of the total value of transaction done. This will have a minimum charge of Rs 2 and maximum of Rs 8 with service tax additional.
Likewise, for cash withdrawal done from SBI Buddy, for up to Rs 20,000, there will be 2.5 percent charge of the transaction amount. This comes with minimum of Rs 6 as charge with service tax extra.
Funds transfer through IMPS
There will be Rs 5 plus service tax for IMPS funds transfer made through INB or MB or UPI or USSD. This is applicable for amount up to Rs 1 lakh. For transfers between Rs 1 lakh and above and up to Rs 2 lakh, the charge is Rs 15 with service tax extra. In case of tax amount above Rs 2 lakh, the charge is Rs 25 plus service tax.
ATM card issue
Free RuPay cards will only be issued.
Soiled or imperfect note exchange
For exchange of notes up to 20 numbers, there will be no charge for value up to Rs 5,000. When exchanged more than 20 notes, the charge of Rs 2 per piece along with service tax will be applicable. Rs 2 will be charged per piece and Rs 5 for 1000 and above with service tax extra – the higher of the two will be charged.
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