1. SBI customer? Now shell out more for these transactions from June 1

SBI customer? Now shell out more for these transactions from June 1

Now you need to shell out more from your pocket or bank account every time you do a transaction at the State Bank of India, India's largest bank.

By: | Updated: June 1, 2017 1:34 PM
SBI customer, SBI, State Bank of India, shell out more, transactions from June 1, bank account, transaction at the State Bank of India, Bank transaction, Online transaction, offline transaction, revision in charges, charges revised The bank has again announced revision in its charges, which have become applicable from today, ie., June 1. (Reuters)

Now you need to shell out more from your pocket or bank account every time you do a transaction at the State Bank of India, India’s largest bank. The bank has again announced revision in its charges, which have become applicable from today, ie., June 1.

It may be noted that following the government’s demonetisation drive and its stress on digitization, SBI had some time back announced revision in its service charges on cash transactions & ATM withdrawals, among others, above a certain limit. The charges were effective from April 1 this year.

However, when a large section of the bank’s customers felt that the revised charges were too high for them and the government also asked SBI to reconsider its decision of imposing a penalty on non-maintenance of minimum balance in accounts from April 1, the bank again announced revision in its charges, which are applicable from June 1. Here we are taking a look at what has changed for you:

From June 1 onwards, if you transfer fund through INB/ MB/ UPI/ USSD, then you will have to pay Rs 5 +ST for up to Rs 1 lakh, Rs 15 +ST above Rs 1 lakh and up to Rs 2 lakh, and Rs 25 +ST for fund above Rs 2 lakh and up to Rs 5 lakh.

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Similarly, for exchange of soiled/ imperfect notes up to 20 pieces and value up to Rs 5,000, you need not pay any charges. However, for more than 20 pieces of notes, you will have to pay Rs 2 per piece + ST. If the value of the notes is above Rs 5,000, then you will have to pay Rs 2 per piece or Rs 5 per 1000 + ST, whichever is higher, on the entire tender.

You will also have to shell out Rs 25 per transaction for cash withdrawal from wallet balance through ATM. Details of these charges, which have become effective from June 1, are given in the chart below (rest charges which became applicable from April 1, 2017, remain the same):

SBI customer, SBI, State Bank of India, shell out more, transactions from June 1, bank account, transaction at the State Bank of India, Bank transaction, Online transaction, offline transaction, revision in charges, charges revised

The bank has also announced that BSBD (Basic Savings Bank Deposit) account holders can now make only four withdrawals in a month, including ATM withdrawals, free of charges.

  1. A
    A Kumar
    Jun 3, 2017 at 12:43 pm
    Are we seeing financial dis-intermediation now? Wait for 1-11-2017 when another round of pay revision will be due for the banking sector.
    Reply
    1. A
      Alexander
      Jun 1, 2017 at 8:23 pm
      Banku Customers should start barter system henceforth besides protesting against looting like blade Mafia.
      Reply
      1. V
        VNVK SASTRY
        Jun 1, 2017 at 7:37 pm
        I tried to withdraw Rs20,000/- from my account across counter in SBI, Tolichowki, Hyderabad on 31-05-17. I was allowed to draw only Rs 10,000/- as there was no cash. I have to four times if situation does not change. Will it be treated as four withdrawals​ and extra amount charged if I go for fifth time. I am a senior citizen and go by Auto to bank. Why should I pay auto charges four times for no fault of mine? ATMs will have cash very rarely. If the milkman, servant maid, cook,driver etc are not paid in cash they get angry. Bank doesn't allow me to draw at a time as there is no cash. If bank doesn't dispense the cash as per my cheque, they must pay my auto charges and extra amount to compansate for the agony faced by me.
        Reply
        1. Mohanan Madathil
          Jun 1, 2017 at 5:43 pm
          Your source of income is from Clients and again squeezing us for all services. Cash transactions to be curtailed but limitation imposed by SBI we are forced to keep extra cash for emergencies. Now fixed Deposit is most disadvantageous and we are shifting to mutual funds. You are making a huge profit every year and then why this sort of harassment to the people?
          Reply
          1. T
            Thomas
            Jun 1, 2017 at 1:37 pm
            Most hopeless and extortionist bank ever. Started out to serve the common man. Everyone can see where it has ended up. Pathetic.
            Reply
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