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  Business   Companies  01 Jun 2017  State Bank of India's new revised charges explained

State Bank of India's new revised charges explained

Published : Jun 1, 2017, 3:24 pm IST
Updated : Jun 1, 2017, 3:25 pm IST

It must be noted that Rs 25 charge is only for withdrawal done by SBI Mobile Buddy customers.

 SBI chief Arundhati Bhattacharya.
  SBI chief Arundhati Bhattacharya.

Mumbai: State Bank of India, country's largest lender, will start levying certain fees on select services like cash withdrawal and cash transactions. The new charges are coming into effect from today.

This must be noted that the bank will not charge any fee for normal transactions. It means eight withdrawals in metros and ten withdrawals in non-metros at normal ATMs would continue to be free per month.

Cash transactions done using bank's own ATM cards will attract Rs 25 cash transaction fee from June 1. The charges are applicable only to customers who use SBI Bank Buddy.

Above permissible four ATM transactions per month, the bank will charge Rs 50 plus service tax per transaction. This would apply to basic savings bank accounts, according to a report in The Economic Times.

Apart from that the the largest bank will charge Rs 20 and service tax at other bank ATMs; and Rs 10 plus service tax for SBI's own ATMs.

The bank has indicated that IMPS fund transfer charges through internet banking/UPI/IUSSD will be Rs 5 plus service tax for amounts of up to Rs 1 lakh and Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh.

The IMPS charges will be Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh, the report added. New cheque book will also attract revised charges. A 10-leaf cheque book will now cost Rs 30 plus service tax; 25-leaf book, Rs 75 plus service tax and 50-leaf book at Rs 150 plus service tax, ET report said.

Tags: sbi, state bank of india, sbi buddy bank, revised charges
Location: India, Maharashtra, Mumbai (Bombay)