State bank of India or SBI is in the news again for changing some transactions rules. This time on all ATM withdrawals and cash transactions. The news spread like SBI is going to charge Rs 25 on every withdrawal people make from their SBI ATMs, which has been clarified later on.
From June 1st, 2017 onward there are several new rules and charges that is going to apply as per your ATM withdrawals, online money transfer and types of savings accounts you are having with SBI. Let’s find out the rules and understand them clearly one by one.
SBI New Service Charge Rules For ATM, Cash Transactions
Here you will understand the SBI monthly ATM withdrawal limit using your SBI ATM card and also various other cash transaction / online money transfer charges also.
Monthly ATM Withdrawal Limit
By default every basic SBI savings account holder will continue to enjoy the limit of 4 ATM withdrawals per month. But if you have a normal SBI savings account, then you can get 8 free ATM transactions. In this you can withdraw money from 5 SBI ATMs and 3 from other bank ATMs in metros. If you are in non-metros, then you can enjoy total 10 free transactions, where you can withdraw from SBI ATMS monthly 5 times and same from other bank ATMs also.
Cash Withdrawal charges after free usage
In case you have consumed all your free limits as per the previous point explained, you are liable to pay service charges in every ATM transaction you do after that. If you have a Basic Savings Bank Deposit account, then you will get 4 free withdrawals (including ATM) in a month, after which withdrawals will be charged at Rs. 50 plus service tax at an SBI branch and at Rs. 20 plus service tax at other bank ATMS.
Charges for IMPS Money Transfer
There is no charges for SBI net banking usage though, but now onward when you transfer money using your SBI net banking online through IMPS feature you have to pay some transactions charges. Here is the charges for SBI IMPS money transfer which is comparatively faster compared to NEFT and RTGS.
- Rs. 5 plus service tax for amounts of up to Rs. 1 lakh
- Rs. 15 plus service tax for above Rs. 1 lakh and up to Rs. 2 lakh
- Rs. 25 plus service tax for above Rs. 2 lakh and up to Rs. 5 lakh
Revised Charges For Cheque Books
SBI has revised the charges for issuing cheque book facility also from June 1st onward. Here are the details for a customer holding a basic savings account in SBI & charges mentioned below as per the number of leafs.
- Rs. 30 plus service tax for a 10 leaf cheque book
- Rs. 75 with service tax for 25 leaf cheque book
- Rs. 150 plus service tax for a 50 leaf cheque book
New Debit Card / ATM Cards
If you are planning to change your SBI ATM card or planning to upgrade to a new SBI debit card to enjoy more features, then be ready to pay little extra compared to earlier. But Rupay classic card will be issued for free.
Exchange of Soiled Notes
Going forward SBI said it will charge 2 rupees for every soiled note on exchange of more than 20 notes or if the total value of exchanged notes is above Rs. 5,000 plus service tax.
I found this useful information in NDTV website and I think every SBI customer should go through this information once to understand the facts clearly. You have to change your habit of using ATM machines almost everyday. It’s time to withdraw money as per your usage in the beginning of month and spend that wisely without wasting.
Try to use your card or cashless ways as much as possible and stay away from such charges. If you find this article useful, please do share in social media and let your friends also aware about these new SBI services charges which will be effective from 1st June 2017 onward.