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01 Jun 2017

SBI to charge more for ATM, online, cash transactions

SBI customers to be charged more for services

The State Bank of India (SBI) has revised service charges on ATM withdrawals for customers using its SBI Mobile Buddy mobile app, effective from June 1.

The bank has also increased charges for various other cash and online transactions.

The state-owned SBI's decision to charge customers for online transactions runs counter to the government's push for citizens to move towards cashless, digital economy.

In context

SBI customers to be charged more for services
Cardless withdrawals to cost Rs. 25 per transaction

New charges explained

Cardless withdrawals to cost Rs. 25 per transaction

SBI customers will be charged Rs. 25 per transaction while making cardless withdrawals through ATMs via Mobile Buddy app.

Customers having the zero balance basic savings banks deposit accounts (BSBDA) will be charged for making more than four transactions at branches and ATMs.

BSBDA customers would also have to pay between Rs. 30 to 150 plus service tax for differently-sized cheque books.

Further charges

SBI customers to be charged for making online IMPS transactions

SBI will charge customers making online money transfers through Immediate Payment Service (IMPS) depending on the amount.

Customers transferring up to Rs. 1 lakh will be charged Rs. 5, from Rs. 1 to 2 lakh - Rs. 15, while transactions from Rs. 2 to 5 lakh would be charged Rs. 25.

All charges will incur additional service tax.

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Changing soiled notes to incur charges

Customers looking to change more than 20 soiled notes or having such notes of value over Rs. 5,000 would be charged Rs. 2 plus service charge for each note.

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