SBI revises service charges; to charge ATM withdrawals at Rs. 25

State Bank of India (SBI) has announced another revision in service charges with effect from June 1, 2017. All cash withdrawals through ATM will now be charged at Rs 25 per transaction. Only RuPay classic card will be issued for free. Beyond four withdrawals in a month, the service charges applicable will be Rs 50 plus service tax per transaction at branch; Rs 20 plus service tax at other bank ATMs and Rs 10 plus serivce tax for SBI ATMs. Cash deposit through banking correspondent of up to Rs 10,000 (in multiples of 100) will be charged at 0.25 per cent of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax.

Cash withdrawal through banking correspondent of up to Rs 2,000 (multiples of 100) will be charged at 2.50 per cent of the transaction value (minimum of Rs 6) plus service tax. IMPS fund transfer charges through internet banking/UPI/IUSSD will be Rs 5 plus service tax for amounts of up to Rs 1 lakh; Rs 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh; and Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh. Service charges for exchange of soiled/imperfect notes, up to 20 pieces and value of Rs 5,000 will demand no charge.

More than 20 pieces will invite Rs 2 per piece on the entire tender plus service tax. 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 levied. For example, for 25 pieces of Rs 500 that is equal to a value of Rs 12,500, the charges will be Rs 2 per piece (Rs 50 plus service tax) and Rs 5 per Rs 1,000 (Rs 62.50 plus service tax). Amount to be charged will be Rs 62.50 plus service tax. Issue of 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.

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