State Bank of India, India's biggest lender, has started charging for various services including ATM withdrawal using its Buddy app and cash transaction through banking correspondents from June 1. It has also revised charges for various services like issuance of cheque books, exchange of soiled notes and online transfer of funds through Immediate Payment Service (IMPS) with effect from June 1. India's biggest bank 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), the public sector lender added.
SBI has also revised charges for other services for its customers, from June 1. Here are the key changes:
Charges on ATM cards: SBI said that issuance of new debit cards will be charged from June 1 and only the RuPay Classic Card will be issued for free.
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.
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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