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.
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):
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.