State Bank revises transaction charges on select services

IMPS fund transfer charges via internet banking will be `5 plus service tax for sums of up to `1 lakh

By: ENS Economic Bureau | Mumbai | Updated: June 2, 2017 3:45 am

State Bank of India, the country’s largest bank, has revised the service charges on many banking facilities from June 1 as announced earlier. According to SBI, all cash withdrawals through ATM by customers of its mobile wallet State Bank Buddy will now be charged at Rs 25 per transaction.

For basic savings banks deposit account, beyond four withdrawals in a month the service charges applicable will be Rs 50 plus service tax per transaction; Rs 20 plus service tax at other bank ATMs; and Rs 10 plus service tax for SBI’s own ATMs. All normal savings bank accounts will continue to get eight free ATM transactions in metros and 10 free transactions in non-metros.

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. Over the counter cash deposit up to Rs 10,000 will attract a charge of 0.25 per cent of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax.

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