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.
SBI customers to be charged more for services
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.
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.
Love Business news?
Stay updated with the latest happenings.
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.
North Korea test fires ballistic missile, Japan vows "concrete action"
Bangladesh evacuating 10 lakh people as Cyclone Mora makes landfall