Money & Banking

SBI clarifies ATM charge hike only for wallet customers

| Updated on: Jan 11, 2018


State Bank of India has clarified that the proposed hike in ATM withdrawal charges will be applicable only to customers of its mobile wallet State Bank Buddy.

ATM withdrawal charges are being revised to ₹25 per transaction for these customers from June 1, an SBI spokesperson said.

Savings accounts

The limit of four ATM withdrawals in a month only applies to the ‘Basic Savings Banks Deposit Account,’ he added.

All normal Savings Bank accounts will continue to get eight free ATM transactions (five SBI ATMs + three other bank ATMs) in Metros and 10 free transactions in non-Metro (five SBI ATM + five other bank ATMs), apart from the bank transaction.

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

Cash withdrawal through the same channel of up to ₹2,000 (multiples of 100) will be charged at 2.50 per cent of the transaction value (minimum of ₹6), plus service tax.

Service charges for basic savings bank deposit accounts for issue of cheque book, ATM cards and withdrawals too have been revised.

Issue of a 10-leaf cheque book will now cost ₹30 plus service tax; a 25-leaf book, ₹75 plus service tax and 50-leaf book at ₹150 plus service tax. As for issue of ATM card, only RuPay classic card will be issued free of cost.

Net transfers

Revised guidelines allow four withdrawals in a month, including ATM withdrawals, free of charge. Beyond this, service charges applicable will be ₹50 plus service tax per transaction at the branch; ₹20 plus service tax at other bank ATMs and ₹10 plus serivce tax at SBI ATMs.

IMPS fund transfer charges through internet banking/UPI/USSD will be ₹5 plus service tax for amounts of up to ₹1 lakh; ₹15 plus service tax for above ₹1 lakh and up to ₹2 lakh; and ₹25 plus service tax for above ₹2 lakh and up to ₹5 lakh.

As for service charges for exchange of soiled/imperfect notes, up to 20 pieces and value of ₹5,000 will demand no charge.

More than 20 pieces will invite ₹2 per piece on the entire tender, plus service tax. For value above ₹5,000, ₹2 per piece or ₹5 per ₹1,000 plus service tax, whichever is higher on the entire tender, will be levied.

For example, for 25 pieces of ₹500 that is equal to a value of ₹12,500, the charges will be ₹2 per piece (₹50 plus service tax) or ₹5 per ₹1,000 (₹62.50 plus service tax). The amount to be charged will be ₹62.50 plus service tax.

Published on May 11, 2017
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