SBI implements fee change from June 1: All you need to know

The State Bank of India has irked its customers with a revised set of regulations it has imposed on ATM withdrawals for users of its mobile app "SBI Mobile Buddy". It would have been a different thing had it restricted itself to these transactions, but the online transactions also get dearer, much to the chagrin of the users. Here are the things that you need to know:

ATM transactions

Effective from June 1, beyond the first four free transactions, the bank will start charging for its basic savings banks deposit account (BSBDA) holders. This is a zero balance savings account that provides very basic services like an ATM card, monthly settlement and a cheque book. Moreover, there are no annual maintenance charges for BSBDA customers. 

On the contrary, the regular bank account holders are in a much better position. They will continue to get eight free ATM transactions, which include 5 at SBI ATMs and 3 at ATMs of other banks in metro cities. They will also continue to get 10 free transactions in non-metro cities, which includes 5 at SBI ATMs and 5 at other ATMs. 

Mobile wallet

SBI will start charging customers Rs 25 per transaction on mobile wallet.Cash deposit into mobile wallet SBI Buddy of upto Rs 10,000 will be charged at 0.25 per cent of the transaction value, with a minimum charge of Rs 2 and a maximum charge of Rs 8, excluding service tax. On similar lines, cash withdrawal from SBI Buddy for an amount of Rs 2,000 will be charges 2.5 per cent of the transaction value with a minimum charge of Rs 6, exclusive of service tax.

ATM cards

Only RuPay cards will have no charges levied on them.

IMPS fund transactions

The regulations, however, remain the same for all customers when it comes to online IMPS transactions. For transfer of Rs 1 lakh, customers will be charged Rs 5 plus service tax. For transactions above Rs 1 lakh and upto Rs 2 lakh, customers will be charged Rs 15 plus service tax and for transactions between Rs 2 lakh and Rs 5 lakh, the charge levied on the customers will be Rs 25 plus service tax.

Cheque book

Check books will be dearer too.  For instance, BSBDA customers will have to cough up to Rs 30 plus service taxes for a 10 leaf cheque book, Rs 25 plus service taxes for a 75-leaf cheque book and Rs 150 plus service taxes for a 50 leaf cheque book. 

Exchanging soiled notes

Any customer who wants to exchange more than 20 soiled notes or notes adding up to a value of Rs 5,000, will have to pay Rs 2 plus service charges for every note or Rs 5 per 1,000 plus service tax, whichever is higher on the entire order. 

• sbi atm
• money