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May 11, 2017

SBI to Charge Rs. 25 on All ATM Withdrawals from 1st June 2017

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Update : SBI issued clarification about this issue and announced this new rule was a misprint by SBI and the charge is only applicable ATM withdrawals using the bank’s mobile wallet – SBI Buddy. You can check complete details from HERE.

SBI To levy Rs. 25 Charge for All ATM Transactions

India's largest Public Sector Lender, State Bank of India (SBI) has today announced another revision in service charges from June 1st. It will start levying Rs. 25 for every withdrawal from it's Automated Teller Machine (ATM). Only RuPay classic card will be issued for free.

The new charges will be applicable to SBI card holders as well and they will also be required to pay the levy.

Beyond four withdrawals in a month, the service charges applicable will be Rs. 50 plus service tax per transaction at branch; Rs. 20 plus service tax at other bank ATMs and Rs. 10 plus serivce tax for SBI ATMs.

Cash deposit through banking correspondent of up to Rs. 10,000 (in multiples of 100) will be charged at 0.25 per cent of the value with a minimum of Rs. 2 and maximum of Rs. 8 plus service tax. Cash withdrawal through banking correspondent of up to Rs. 2,000 (multiples of 100) will be charged at 2.50 per cent of the transaction value (minimum of Rs. 6) plus service tax.

Online Transactions :

The bank is going to charge for Online Transfers as well. IMPS fund transfer charges through internet banking/UPI/IUSSD will be 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 :

The bank has also clarified that it will also charge the amount for exchange of "soiled" notes worth and above Rs 5,000. Service charges for exchange of soiled/imperfect notes, up to 20 pieces and value of Rs. 5,000 will demand no charge. More than 20 pieces will invite Rs. 2 per piece on the entire tender plus service tax. For value above Rs. 5,000, Rs. 2 per piece or Rs. 5 per 1,000 plus service tax, whichever is higher on the entire order will be levied.

Sources : Deccan Chronicle,   The HINDU Business Line

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