SBI to introduce new service charges from today

Last month, India’s biggest lender State Bank of India (SBI) had announced several revisions that it would implement in its charges on different services.

The new charges will be put into practice from today, June 1.

Here’s the list of revised charges that SBI customers would have to shell out for almost every transaction.

ATM charges

Customers who use mobile wallet State Bank Buddy will have to pay Rs 25 per transaction for cash withdrawal through ATM.

For basic savings banks deposit account holders, the service charges applicable will be Rs 50 plus service tax per transaction after first four withdrawals per month; Rs 20 plus service tax at other bank ATMs; and Rs 10 plus service tax for SBI ATMs.

Normal savings bank account holders will continue to get eight free ATM transactions in metro cities and 10 free transactions in non-metro cities.

Exchange of bad currency notes

To exchange soiled/imperfect notes, up to 20 pieces and value of Rs 5,000 will be free of cost. However, more than 20 pieces will invite Rs 2 per piece plus service tax. In case the value of such notes goes above Rs 5,000, Rs 2 per piece or Rs 5 per 1,000 plus service tax, whichever is higher, will be charged.

Cheque book charges

In case a user wants a 10-leaf cheque book, he will be charged Rs 30 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.

Deposits and withdrawals through banking correspondents

In case a user deposits cash of up to Rs 10,000 through banking correspondent, (s)he will be charged at 0.25% of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax. However, cash withdrawal of up to Rs 2,000 through banking correspondent will be charged at 2.50% of the transaction value (minimum of Rs 6) plus service tax.

Online transfer

Charges for IMPS fund transfer through internet banking/UPI/IUSSD will be Rs 5 plus service tax for transfer 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.