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May 12, 2017

Clarification about SBI's Rs 25 Service Charge on ATM Withdrawals

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The State Bank of India (SBI) has issued clarification about it's controversial notice about Rs. 25 charge per transaction on cash withdrawals. Earlier, in a vague circular,  the SBI announced a charge of Rs 25 per transaction on cash withdrawals. The circular titled 'revision in service charges additions/ modifications: wef 01/06/2017' said Rs 25 per transaction would apply on cash out through ATM.

However, the new rule was a misprint by SBI and the charge is only applicable ATM withdrawals using the bank’s mobile wallet – SBI Buddy

The bank is going to issue a fresh circular soon making the clarification. "SBI will send a fresh notification soon to clarify the same. There will not be additional service charges, and existing rates will continue on withdrawals from ATM," SBI MD (national banking) Rajnish Kumar told PTI.

ATM charges, are set by the RBI, and uniform  for all banks. Rules mandate at least three fee transactions per month from ATMs of other banks and five from ATMs of own bank in metro cities. Banks charge Rs 20 per financial transaction and Rs.9.55, including tax, for every non-financial one beyond this limit.

If a customer has money in SBI Buddy, our mobile wallet, he can now withdraw that money through ATMs. Also, now customer can deposit cash or withdraw cash through business correspondent (BC) from or into our mobile wallet. These facilities were not available earlier,” Rajnish Kumar added.

For those who use SBI’s mobile wallet, cash deposit of up to Rs 1000 through business correspondents will attract a service charge of 0.25% (minimum Rs 2 and maximum Rs 8) plus service tax. Cash withdrawals of up to Rs 2000 from SBI mobile wallet through business correspondents, will attract a service charge of 2.50% of the transaction value (minimum Rs 6) plus service tax.

The bank levies a service charge of 3% in addition to service tax using immediate payment service (IMPS) for fund transfer through SBI Buddy to bank account.

The new service charges will be effective from 1 June 2017 and a corrected circular will be issued soon, said Kumar.

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