SBI ATM, online charges changed from today

State Bank of India (SBI) has revised service charges on ATM withdrawals for users of its mobile app “SBI Mobile Buddy”, as well as for various other cash and online transactions, effective from June 1.

The country’s largest lender will start charging customers Rs 25 per transaction for withdrawing money from an ATM through its mobile wallet app from Thursday. The SBI mobile wallet allows cardless ATM withdrawals+ via its app.

SBI will also levy charges on withdrawals at branches and ATMs beyond the four free transactions, for its basic savings banks deposit account (BSBDA) holders. BSBDA is a zero balance savings account that provides basic services like an ATM card, monthly statement, and a cheque book. There are no annual maintenance charges for BSBDA customers.

Regular savings bank account holders 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.

However, 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.

It is a little strange that while the government is urging citizens to move towards a cashless, digital economy, the country’s largest lender – a public sector bank is charging customers for transacting online.

From Thursday, BSBDA 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.

Effective June 1, any customer wanting to change more than 20 soiled notes or if the total value of soiled notes is above Rs. 5,000, will have to pay Rs 2 plus service charge for every note.