State Bank Of India (SBI) has updated its service charges on ATM as well as on other services. All these charges would be applicable from 1st June 2017. It sounds strange, as the government is encouraging citizens for the cashless and digital economy, while on the other hand public sector banks like SBI are imposing charges on digital transactions. If you are an SBI customer, here’s what you all need to know:
- SBI has asked the customers to maintain Monthly Average Balance (MAB), if challenged certain charges will be superimposed. The people of metro cities have to maintain a minimum amount of Rs 5000 while that of urban and rural areas have to maintain Rs 3000 and Rs 1000 respectively. If not, metro people have to pay Rs 100 plus service tax while rural area penalty ranges from 20-50 plus service tax.
- Saving account holders can deposit their money, thrice in a month free of charge. If exceeded appropriate charges will be applied.
- While on withdrawing cash from ATM, if the number of transaction exceeds three times from different bank’s ATM then Rs 20 will be charged while relief for five transactions from SBI’s ATM.
- However, as per the new rules, for online fund transfers through Immediate Payment Service (IMPS), SBI will charge all its customers Rs 5 plus service tax for amount 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.
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