State Bank of India or SBI, the country's biggest lender, has revised service charges on ATM withdrawal for users of its mobile app "State Bank Buddy," and various other cash transactions, effective June 1. After the much awaited launch of GST or goods and services tax from July 1, the overall burden of these charges for SBI customers has increased further as a service tax of 15 per cent has been replaced with GST of 18 per cent. SBI has said that Rs. 25 plus GST will be levied for withdrawing money from an ATM through State Bank Buddy. If you transfer funds from app SBI Buddy to your savings bank account then you have to pay a charge of 3 per cent plus taxes, the public sector lender said in a release.
All normal bank accounts would continue to get 8 free ATM transactions in a month. That would be 5 at SBI and 3 at other bank ATMs in metros. In non-metros there would be 10 free transactions- 5 at SBI ATMs and 5 in other bank ATMs. If you exceed the permissible limit, a charge of Rs.20 plus taxes will be levied for each additional withdrawal.
The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI further said.
Revised service charges:
- Online fund transfer through IMPS or Immediate Payment Service will now be charged Rs 5 plus tax for amounts of up to Rs 1 lakh, Rs 15 plus tax for above Rs 1 lakh and up to Rs 2 lakh, and Rs 25 plus tax for above Rs 2 lakh and up to Rs 5 lakh.
Charges on ATM cards
- SBI said that issuance of new debit cards will be charged from June 1 and only the RuPay classic card will be issued for free.
Exchange of soiled notes
- If a customer wishes to exchange of more than 20 soiled notes or if the total value of soiled notes is above Rs 5,000, SBI said it will charge Rs 2 plus tax for every soiled note.
- From June 1, a customer with a Basic Savings Bank Deposit will have to pay Rs 30 plus GST of 18 per cent for a 10-leaf cheque book, Rs 75 with GST for 25-leaf cheque book and Rs 150 plus tax for a 50-leaf cheque book.