SBI Revised Charges For ATM Withdrawal And Cheque Books
State Bank of India or SBI has revised its charges on various services like ATM withdrawal, cash transactions, issuance of cheque books, exchange of soiled notes and online transfer of funds through Immediate Payment Service or IMPS with effect from June 1. India’s biggest bank has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs. 25 for every ATM withdrawal. SBI’s app – State Bank Buddy – enables its customers to withdraw cash from ATMs using the bank’s mobile wallet. However, savings bank accounts will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metros and 10 free transactions in non-metros (five at SBI ATMs and three at ATMs of other banks), the public sector lender added.
The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. State Bank of India’s basic savings account is a limited-services bank account aimed at poorer sections of society to encourage them to start saving without any burden of charges or fees, according to the bank’s website. This type of bank account comes with an ATM-cum-debit free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account.
From June 1, a customer with a Basic Savings Bank Deposit will have to pay Rs. 30 plus service tax for a 10-leaf chequebook, Rs. 75 with service tax for a 25-leaf chequebook and Rs. 150 plus service tax for a 50-leaf chequebook.
SBI said exchanging up to 20 soiled notes or for value up to Rs. 5,000 will not attract any charges. However, more than 20 pieces of soiled notes will attract a charge of Rs. 2 per piece or Rs. 5 per Rs. 1,000 plus service tax whichever is higher on the entire tender, the bank said. For example, for 25 pieces of Rs. 500, which is equal to Rs. 12,500, the charges will be Rs. 2 per piece (Rs. 50 plus service tax) or Rs. 5 per Rs. 1,000 (Rs. 62.50 plus service tax). The amount charged will be Rs. 62.50 plus service tax.
The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. State Bank of India’s basic savings account is a limited-services bank account aimed at poorer sections of society to encourage them to start saving without any burden of charges or fees, according to the bank’s website. This type of bank account comes with an ATM-cum-debit free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account.
