SBI new rule ATM, online, cash transaction fees change to be effective from 1st June 2017

The State Bank of India (SBI) has made revision in service charges, additions and modifications on various banking activity like ATM withdrawal, online transaction, issue of cheque book. The new rules come to effect from June 1 (Thursday).

All cash withdrawals from ATMs will now attract a charge of Rs. 25 per transaction. Only the RuPay Classic card will be issued for free.

If the number of transactions exceeds four in a month, the service charges applicable will be Rs. 50 plus service tax per transaction at the branch, Rs. 20 plus service tax at other bank ATMs, and Rs. 10 plus service tax for SBI ATMs.

However, Regular savings bank account holders  and Jan Dhan accounts will continue to get eight free ATM transactions (5 at SBI ATMs + 3 at ATMs of other banks) in metro cities and 10 free transactions in non-metro cities (5 at SBI ATMs + 5 at ATMs of other banks) in a month.

As per the new rules, for online fund transfers through IMPS or Immediate Payment Service, SBI will charge all its customers 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.

From Thursday, basic savings banks deposit account customers of SBI wanting cheque books would have to pay Rs 30 plus service tax for a 10 leaf cheque book, Rs 75 with service tax for 25 leaf cheque book and Rs 150 plus service tax for a 50 leaf cheque book.

What are the charges for depositing cash in my account?    

You are allowed to deposit cash in your savings bank account three times a month, free of charge. Post that, a fee of Rs. 50 plus service charge will be levied on every transaction.

Cash deposits of up to Rs. 10,000 (in multiples of 100) through a banking correspondent will be charged at 0.25% of the total value with a minimum applicable charge of Rs. 2 and a maximum charge of Rs. 8, excluding service tax.

Enrolment Fee: SBI will now charge Rs. 20 as an opening fee including enrolment for a savings account.

SMS Alerts: The bank will charge Rs. 15 for SMS alerts per quarter for Debit Card holders who maintain an average quarterly balance of up to Rs. 25,000 during the three month period. Also, there will be no charge for UPI/ USSD transactions of up to Rs. 1,000.

Online Transfers: IMPS fund transfer charges via internet banking/UPI/IUSSD will now be charged at Rs. 5 for amounts up to Rs. 1 lakh, Rs. 15 for amounts above Rs. 1 lakh and up to Rs. 2 lakhs, and Rs. 25 for amounts above Rs. 2 lakhs and up to Rs. 5 lakhs. Keep in mind that these charges don’t include service tax.    

Increased Locker Rent: The bank has increased locker rent and reduced the number of locker transactions that are free in a year. After 12 transactions, the customer will now have to pay Rs. 100 excluding service tax for visiting his or her locker.

Here is all you need to know about the new service charges by State Bank of India:

Description of Service Charge                   Revised Rate  

(A) IMPS Fund Transfer Charges through INB/MB/UPI/USSD 

(i) Upto Rs. 1 Lac                                            Rs. 5/- +Service Tax

(ii) Above Rs. 1 Lac upto Rs. 2 Lacs           Rs. 15/- +Service Tax

(iii) Above Rs. 2 Lacs upto Rs. 5 Lacs        Rs. 25/- +Service Tax

(B) Service Charges for exchange of Soiled/Imperfect Notes

(1) Upto 20 pieces and value upto Rs.5,000/ – Nil

(2) More than 20 pieces and / or value more than Rs.5,000/

More than 20 pieces – Rs.2/- per piece on entire tender + Service Tax

Value above Rs.5,000/- Rs.2/- per piece or Rs.5/- per 1000 + Service Tax whichever is higher on entire tender

Service Charges for Basic Savings Bank Deposit (BSBD) accounts 

(1) Issue of Cheque book –  10 Leaf Cheque Book at Rs. 30/- + Service Tax

(2) 25 Leaf Cheque Book at Rs. 75/- + Service Tax

(3) 50 Leaf Cheque Book at Rs. 150/- + ST

Issue of ATM Card – Only RuPay classic card will be issued free of cost

Withdrawals – Four withdrawals in a month including ATM withdrawals free of charges.

(1) Beyond 4 withdrawals: At Branch- Rs 50/- + Service Tax per transaction.

(2) At other bank ATMS- Rs. 20/- + Service Tax per transaction.

(3) SBI Bank ATMs- Rs. 10/- + Service Tax per transaction.


STATE BANK BUDDY : Service Charges

(1) Cash withdrawal from Wallet Balance through ATM – Rs. 25/- per transaction

(2) Cash Deposit into Wallet through Business Correspondent (BC): Upto Rs.10000/- (multiples of 100) – 0.25% of the txn value (Min. Rs. 2, Max. Rs. 8) + Service Tax

(3) Cash Withdrawal from Wallet Balance through Business Correspondent (BC): upto Rs.2000/- (multiples of 100) – 2.50 % of the txn value (Min. Rs. 6) + ST



Sources: ZeeNews, TOI


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