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SBI new charges begin from today: Here's all you need to know

SBI new charges begin from today: Here's all you need to know

The charges are applicable only to customers who use SBI Bank Buddy.

Online Transfers: Rs. 5 plus service tax for amounts of up to Rs. 1 lakh; Rs. 15 plus service tax for above Rs. 1 lakh and up to Rs. 2 lakh; and Rs. 25 plus service tax for above Rs. 2 lakh and up to Rs. 5 lakh will be charged for transferring fund online through Immediate Payment Service or IMPS. For transactions above Rs 2 lakh and up to Rs 5 lakh, the bank is charging Rs 25 plus service tax. Similarly, a 25-leaf book would cost Rs 75 plus service tax and a 50-leaf book would be charged at Rs 150 plus service tax.

SBI while levying these charges had said it will be in effect from June 1, 2017.

The bank has also changed the service charges applicable on soiled and imperfect notes. However, bad notes of more than 20 pieces and valuing over Rs 5,000 will attract Rs 2 for every soiled note.




Cash Withdrawals: Four withdrawals in a month including ATM withdrawals will be free of charges. It means eight withdrawals in metros and ten withdrawals in non-metros at normal ATMs would continue to be free per month. However, the bank will issue holders of such accounts with a free RuPay debit card.

State Bank of India (SBI) has revised service charges on ATM (Automated Teller Machine) withdrawals for users of its mobile app "SBI Mobile Buddy", as well as for various other cash and online transactions, effective from June 1. Cash deposits in the wallet through business correspondents will be charged 0.25% of the transaction value plus service tax.

It is a little odd that while the government is urging citizens to move towards a cashless, digital economy, the country's largest lender - a public sector bank is charging customers for transacting online.

Cash withdrawal from Wallet Balance through business correspondents up to Rs 2,000 in multiples of 100 will see 2.50 percent of the transaction value with a minimum levy of Rs 6.


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