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SBI clarifies about revision in ATM withdrawal charges
Posted on: 12/May/2017 1:14:59 PM
The newly announced hike in ATM withdrawal charges will only be applicable for State Bank of India’s State Bank Buddy customer which is the bank’s mobile wallet, clarifies bank sources.
As per revisions, per ATM transaction will be charged Rs 25 with effect from 1st June. SBI spokesperson further said the free ATM withdrawal limit of 4 transactions is applicable only to the Basic Savings Bank Deposit Account.
There will be 5 free SBI ATM usage and 3 in other bank ATMs for normal Savings Bank accounts as always in metros and total of 10 free transactions with non-Metro ATMs where 5 in SBI and 5 in other bank ATMs are allowed, beyond bank transactions.
For cash deposits made through banking correspondents, 0.25 percent charge of the value will be applicable for up to Rs 10,000 and the minimum is Rs 2 and maximum, Rs 8, service tax additional.
For withdrawal made in the same day, for up to Rs 20,000, 2.50 percent of transaction value with service tax is applicable.
There are also revisions in service charge for cheque book issue, ATM cards, and withdrawals for basic savings bank deposit accounts.
For issuing a 10-leaf cheque book, the charge is Rs 30 with service tax. For 25-leaf book, charge is Rs 75 with service tax. For a 50-leaf cheque book, it is Rs 150 with service tax. Only RuPay classic ATM cards will be issued.
As per revised charges, 4 free withdrawals per month are allowed. This includes ATM withdrawals. Apart from this, transactions made at the bank branch will be applicable for Rs 50 plus service tax charges. For other bank ATM usage, Rs 20 with added service tax, and for SBI ATMs, Rs 10 with added service tax will be applicable.
Online transfers:
- IMPS funds transfer charges:
- For IMPS transfer of up to Rs 1 lakh, the charge is Rs 5 plus service tax.
- For transaction between Rs 1 lakh and Rs 2 lakh, the charge is Rs 15 plus service tax
- For transactions between Rs 2 lakh and Rs 5 lakh, it is Rs 25 plus service tax
Old notes exchange:
There will be no charge for exchange of up to 20 pieces of soiled or imperfect notes equivalent to Rs 5,000. When exchanged beyond 20 notes, each and every piece will be charged with Rs 2 plus service tax. When the value is more than Rs 5,000, Rs 2 per note or Rs 5 for every Rs 1,000 plus service tax (the higher amount of the two) will be applicable.
Say, you have 25 notes of Rs 500 that is worth Rs 12,500. The price per piece will be Rs 2 or Rs 5 for every Rs 1,000 which will count to Rs 62.50 plus service tax. So, here, the amount Rs 62.50 plus service tax will be levied.
