Business

SBI clarifies on revised charges: Only for "buddy customers"

11 May 2017 | By Gaurav Jeyaraman
The outrage over SBI's service charge circular

SBI issued a clarification in the wake of widespread panic and condemnation after its announcement of revised service charges, including exorbitant ATM charges.

SBI clarified that the charges were only applicable to SBI Buddy customers and that the old circular would be revised to reflect the bank's position.

The previous circular drew immense flak from outraged customers.

In context: The outrage over SBI's service charge circular

OutrageousRs. 25 per ATM transaction from June: SBI

In an announcement that has sparked nationwide outrage, SBI has announced that it will charge Rs. 25 on every ATM transaction starting from June.

The charge would also be applicable to those exchanging old and torn notes worth over Rs. 5000. After 4 withdrawals, Rs. 50 would be charged per transaction.

Several other service charge revisions were also announced by the bank.

Kerala up in arms against move

Outraged customers in Kerala said, "they did this very tactfully because Kerala's own bank (State Bank of Travancore) has been merged with the SBI. The people who banked with SBT have now become SBI customers and now they are at the receiving end."
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What other charges were introduced?

Other chargesWhat other charges were introduced?

Cash withdrawals and deposits from the bank will be charged at 2.5% and 0.25% respectively along certain thresholds.

IMPS through net-banking/UPI/IUSSD would also be charged at Rs. 5 upto Rs. 1 lakh, Rs. 15 upto Rs. 2 lakh and Rs. 25 upto Rs. 5 lakh.

Cheque books will now cost Rs. 30 for 10-leaf, Rs. 75 for 25-leaf and Rs. 150 for 50-leaf book.

11 May 2017SBI clarifies on revised charges: Only for "buddy customers"