State Bank of India (SBI) has revised charges on ATM withdrawal, cash transactions, issuance of cheque book and online transfer of funds through Immediate Payment Service or IMPS with effect from June 1. India's biggest bank SBI 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), SBI added.
The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. SBI'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.
SBI has also revised charges for other services for its customers, from June 1. Here are the key changes:
Online transfer: Online fund transfer through IMPS will now be charged 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 amounts above Rs. 2 lakh and up to Rs. 5 lakh.
Cheque book: From June 1, a customer with a Basic Savings Bank Deposit will have to pay Rs. 30 plus service tax for a 10-leaf cheque book, Rs. 75 with service tax for a 25-leaf cheque book and Rs. 150 plus service tax for a 50-leaf cheque book.
Exchange of soiled notes: 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.
Cash withdrawal: Customers with a Basic Savings Bank Deposit will get four free withdrawals (including ATM) in a month, after which withdrawals will be charged - at Rs. 50 plus service tax at an SBI branch and at Rs 20 plus service tax at other bank ATMs.
Cash transaction through banking correspondents: SBI said cash deposits of up to Rs 10,000 (in multiples of 100) through banking correspondents will be charged at 0.25 per cent of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax. Cash withdrawal of up to Rs 2,000 (in multiples of 100) through the same channel will be charged at Rs 2.50 per cent of the transaction value (minimum of Rs 6) plus service tax.
Follow NDTV for latest election news and live coverage of assembly elections 2019 in Maharashtra and Haryana.
Subscribe to our YouTube channel, like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.