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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  1. R
    Ramesh Chhabra
    Jun 2, 2017 at 9:34 pm
    Bank are prepared to charge on soil notes. If the bank offer soil notes itself, who will pay charges? I did not find the reason charging Rs. 3 (25 x 3 Rs.75) on each Cheque. Whether all baseless charges from Saving Bank Account holders, recover NPAs (write off/ wave off) losses?
    1. L
      l s
      Jun 2, 2017 at 3:42 pm
      Banks should once and for all stop looting the public in one way or the other. Dozens of varieties of taxes , that too public has to pay for keeping their money in these banks. Banks should be warned not to impose even a single tax in any way on a/c holders.
      1. T
        Tetris Karo
        Jun 2, 2017 at 1:28 pm
        More money in bank after demonetisation. Fore generating revenue banks are charging public for taking back their money. Good initiative~!