Now SBI customers to pay more than Rs 20 for ATM withdrawls

Post demonetisation, a number of changes have been made in cash and monetary transactions across India. Apart from limits on cash transactions imposed by the finance ministry of the government of India, banks have also revised various service change rules to give a push to PM Narendra Modi’s digital India plan. 

SBI has also changed a number of rules in the recent past - including a charge on cheque payments and saving accounts. As per a report in the Hindu Business Line, a new notification has been issued. The bank would be levying a charge of ₹25 every time a customer withdraws money from the ATM.

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Also, the notification states that only four withdrawals, including ATM withdrawals, will be free of cost in a month. Beyond the four transactions, the charge on withdrawals at the bank branch will be ₹50 (plus service tax) per transaction. Withdrawal from any other bank ATM will be levied at ₹20 plus service tax per transaction and withdrawal from SBI ATM will cost ₹10 plus service fee per transaction. 

IMPS fund transfer using INB/MB/UPI and USSD will also have additional charges. Transfer up to ₹1 lakh will invite ₹5 plus service tax charge, between ₹1 lakh to ₹2 lakh will be charged ₹15 plus service tax and fund transfer between ₹2 lakh to ₹5 lakh will invite ₹25 plus service tax charge.

The issue of cheque book will also be charged by SBI. A 10 leaf cheque will cost ₹30 plus service tax, a 25 leaf chequebook will cost ₹75 plus service tax and a 50 leaf chequebook will cost ₹150 plus service tax. Also, on RuPay classic cards will be issued free of cost. 

Also READ: Know the penalty and other new charges for SBI savings account

Apart from these, exchange of spoiled or imperfect notes and Banking Correspondent (BC) will also invite new charges. However, SBI has not yet confirmed these charges.