State Bank of India (SBI) has revised charges on ATM withdrawal, cash transactions, issuance of cheque book and online transfer of funds through Immediate Payment Service or IMPS with effect from June 1. India's biggest bank SBI has clarified that customers of its mobile wallet State Bank Buddy will be charged Rs 25 for every ATM withdrawal. SBI's app - State Bank Buddy - enables its customers to withdraw cash from ATMs using the bank's mobile wallet. However, savings bank accounts will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metros and 10 free transactions in non-metros (five at SBI ATMs and three at ATMs of other banks), SBI added.
SBI has also revised charges for other services for its customers, from June 1. Here are the key changes:
Cheque book: From June 1, a customer with a Basic Savings Bank Deposit will have to pay Rs. 30 plus service tax for a 10-leaf cheque book, Rs. 75 with service tax for a 25-leaf cheque book and Rs. 150 plus service tax for a 50-leaf cheque book.
Exchange of soiled notes: SBI said exchanging up to 20 soiled notes or for value up to Rs 5,000 will not attract any charges. However, more than 20 pieces of soiled notes will attract a charge of Rs. 2 per piece or Rs 5 per Rs 1,000 plus service tax whichever is higher on the entire tender, the bank said. For example, for 25 pieces of Rs 500, which is equal to Rs 12,500, the charges will be Rs 2 per piece (Rs 50 plus service tax) or Rs 5 per Rs 1,000 (Rs 62.50 plus service tax). The amount charged will be Rs 62.50 plus service tax.
Cash transaction through banking correspondents: SBI said cash deposits of up to Rs 10,000 (in multiples of 100) through banking correspondents will be charged at 0.25 per cent of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax. Cash withdrawal of up to Rs 2,000 (in multiples of 100) through the same channel will be charged at Rs 2.50 per cent of the transaction value (minimum of Rs 6) plus service tax.
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