State Bank of India (SBI) account-holders will now have to pay higher service charges than before on online transactions and also for exchanging soiled notes at bank branches.
Even as the government is urging citizens to move towards cashless economy, especially since its November move to demonetise high-value currency notes, the country's largest bank has increased service charges on online and ATM transactions from June 1, 2017.
Here are the increased charges you will have to factor in:
1. ATM and online transactions:
Cash transactions using SBI's mobile app and State Bank Buddy will now attract Rs 25 service charge per transaction. As for ATM transactions for Savings Bank Deposit account, there will be no additional levy on the first four in a month. Beyond that, on withdrawals from SBI's own ATMs, a service charge of Rs 10 plus service tax will be levied. Similarly, Rs 20 plus service tax will be charged on Basic on other banks' ATMs. Additionally, for normal bank accounts, such as the savings bank, eight free ATM transactions will continue to be allowed in metros and ten free transactions in non-metros.
2. Depositing and withdrawing from Savings Bank accounts:
Cash deposits of up to Rs 10,000 into mobile wallet SBI Buddy will attract 0.25 per cent of the transaction value with a minimum charge of Rs 2 and a maximum charge of Rs 8 plus service tax.
Similarly, cash withdrawal from SBI Buddy for an amount of up to Rs 2,000 (multiples of 100) will be charged at 2.5 per cent of the transaction value with a minimum charge of Rs 6 plus service tax.
3. IMPS funds transfer:
IMPS fund transfer charges through INB/MB/UPI/USSD will be Rs 5 plus service tax for transfer of up to Rs 1 lakh. Transfer of amount above Rs 1 lakh but below Rs 2 lakh will attract Rs 15 plus service tax, and amount above Rs 2 lakh will attract Rs 25 plus service tax.
4. Issue of ATM cards:
Only RuPay cards will be issued free of charge.
5. Exchange of soiled/Imperfect notes:
No charges shall be levied on up to 20 pieces and Rs 5,000 value of notes. More than 20 pieces will attract a charge of Rs 2 per piece, plus service tax, on the entire tender. For value above Rs 5,000, Rs 2 per piece or Rs 5 per 1,000 plus service tax, whichever is higher on the entire order, will be charged.