Come January 1 and State Bank of India will up the charges on a range on services including safe deposit lockers, transaction decline at ATMs due to insufficient balance, select debit card issuances, and also re-introduce processing fees for home and car loans.

India’s largest bank had last revised the service charges in November 2014. The revision in charges is apparently aimed at shoring up the fee income, which nudged up a tad to Rs 3153 crore in the second quarter of FY2016 from Rs 3111 crore in the year ago period.

In the metro & urban centres, depending on the size of the safe deposit locker, the annual rent (excluding service tax) will be hiked in the 12.35 per cent to 35 per cent range. The rent for lockers in semi-urban & rural areas will be up by 5 to 19 per cent.

For example, the annual rent on a small sized locker in metro & urban centres and semi-urban and rural areas will be Rs 1100 (Rs 979 now) and Rs 800 (Rs 756), respectively. Safe deposit lockers in SBI come in four sizes – small, medium, large and extra-large.

If a transaction is declined at an ATM due to insufficient balance, the customer will be charged Rs 22.9 per transaction, against Rs 17 now.

In the case of select debt card issuances such as gold and platinum debit cards, the new charges will be Rs 114.5 (Rs 100 now) and Rs 343.5 (Rs 306), respectively.

For home and car loans, SBI will be re-introducing processing fee, which it had waived on loan proposals sourced up to December 31 as part of the festival offer, from January 1.

The home loan processing fee will be 0.35 per cent of the loan amount plus service tax. The minimum and maximum processing fee will be Rs 2,000 (plus service tax) and Rs 10,000 (plus service tax), respectively.

The car loan processing fee will be 0.50 per cent of the loan amount plus service tax. The minimum and maximum processing fee will be Rs 950 (plus service tax) and Rs 9,100 (plus service tax), respectively.

comment COMMENT NOW