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SBI Imposes New Charges On ATM And Other Transactions



The leading financial institute of India has released its new pricing strategy on ATM and other transactions, which will be implemented from today. The charges are mainly focused on SBI Bank Buddy app and other transactions, effective from June 1. According to SBI, Rs. 25 will be charged on withdrawing money from an ATM through the mobile wallet app. It is a new facility introduced by SBI to allow a user to withdraw money from ATMs using the app.
A normal saving account holder gets eight free ATM transactions (5 at SBI ATMs + 3 at ATMs of other banks) in metros and 10 free transactions in non-metros (5 at SBI ATMs + 3 at ATMs of other banks). There is a limit of 4 ATM withdrawals per month for the Basic Savings Banks Deposit Accounts.
The Basic Savings Banks Account is aimed towards the poorer section of the society to encourage them to start saving without any burden of charges. These accounts come with ATM-cum-debit card free of cost and annual maintenance charges will be implied. The user of basic savings deposit account holder is not eligible to open any other savings bank account.
The bank has also revised service charges on various cash transactions for its customers, effective from today. Here are the charges implied by SBI on its various services:

Online Transfer

Fund transferring through IMPS or Immediate Payment Service will now be charged Rs 5 plus service tax for amounts up to Rs 1,00,000, Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh transactions and Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh transaction.

Exchange Of Soiled Notes

For exchanging more than 20 soiled notes, now a user has to pay Rs 2 plus service tax if the value of soiled notes is above Rs. 5,000 for every solied note.

Cheque Books

A customer with Basic Savings Bank Deposit will get the cheque book at Rs 30 plus service tax for a 10-leaf cheque book, Rs 75 plus service tax for the 25-leaf cheque book and Rs 150 plus service tax for a 50-leaf cheque book.

Charges On ATM Cards:

Starting today, issuance of new debit cards will be charged and only RuPay classic cards will be issued for free.

Cash Withdrawals

The customers with Basic Savings Bank Deposit will get four free withdrawals (including ATM) in a month. After this, there will be a charge of Rs 50 plus service tax at an SBI branch and Rs 20 plus service tax at other banks ATMs.

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