SBI revises service charges: Here is what you will pay from now on

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Starting June 1, State Bank of India will levy revised service charges on select services across its branches. Lakhs of customers are expected to be affected by the additions and modifications that have been brought into effect following a notification issued on Thursday.

According to Thursday's notification addition and modification has been brought about for services like (Immediate Payment Service) IMPS transfer, exchange of soiled or imperfect notes, basic saving bank deposit accounts and state bank buddy services.

SBI revises service charges: Here is what you will pay from now on

Service charges for saving bank account holders

  • Starting June 1, cheque books with 10 leafs will carry a service charge of Rs 30 plus service tax
  • 25 leaf chequebook will cost a customer Rs 75.
  • 50-leaf chequebook will cost Rs 150 plus service tax.
  • RuPay cards will be issued free of cost but only the classic card.

Withdrawals

  • Four withdrawals in a month including ones at ATMs will be free
  • Beyond 4 withdrawals, Rs 50 will be levied as service charge per transaction in a branch.
  • Rs 10 per transaction will be levied as service charge at SBI ATMs
  • Rs 20 per transaction in other bank ATMs
  • All the service charges are excluding service tax

Service charge for IMPS transfer

Service charge for IMPS transfer made through INB, MB, UPI and USSD up to Rs 1 lakh has been pegged at Rs 5 plus service tax. Rs 15 will be levied as a service charge on fund transfer above Rs 1 lakh to Rs 2 lakh. Fund transfers above Rs 2 lakh and up to Rs 5 lakh will see service charge of Rs 25 being levied.

Exchange of soiled notes

No service charge will be levied on the exchange of soiled or imperfect notes up to 20 pieces and value up to Rs 5,000.

In the case of notes, more than 20 pieces Rs 2 will be levied per piece or entire tender. In the case of exchange of notes with value more than Rs 5,000Rs 2 per piece or Rs 5 per Rs 1,000 (whichever is higher) will be levied.

Using State Bank buddy

Using the banking app of State Bank of India will also come with additional service charges starting June 1. A service charge if Rs 25 per transaction will be levied on cash withdrawal from wallet balance through ATM.

Cash deposit into Wallet through business correspondents up to Rs 10,000 in multiples of 100 will see a service charge of 0.25 percent of the transaction value. The minimum charge will be Rs 2 and maximum has been pegged at Rs 8 plus taxes.

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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