Have an SBI account? Brace yourself to pay more service charges from 01.06.2017

While the government is urging citizens to move towards a cashless economy, country's largest bank State Bank of India has announced revised service charges on online transactions and also for exchanging soiled notes at bank branches.

The charges are effective from Thursday, June 1, 2017, and here are the increased charges you will have to factor in. 

1. ATM transactions:

Cash withdrawal from SBI's mobile app, State Bank Buddy, through ATM will now be charged Rs 25 per transaction. No charges will be levied on four ATM transactions in a month. Beyond four transactions, service charges will be levied on Basic Savings Bank Deposit account at Rs 20 plus service tax per transaction on other banks' ATMs and Rs 10 plus service tax per transaction on SBI's own ATMs. Other than that, normal bank accounts, such as the savings bank account, will continue to attract eight free ATM transactions in metros and ten free transactions in non-metros.

2. Depositing and withdrawing from Savings Bank:

Cash deposit into mobile wallet SBI Buddy of up to 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 plus service tax.

Similarly, cash withdrawal from SBI Buddy for an amount of up to Rs 2,000 (multiples of 100) will be charged at 2.5 per cent of the transaction value with a minimum charge of Rs 6 plus service tax.

3. IMPS funds transfer: 

IMPS fund transfer charges through INB/MB/UPI/USSD will be Rs 5 plus service tax for transfer up to Rs 1 lakh. Transfer of amount above Rs 1 lakh but below Rs 2 lakh will be charged Rs 15 plus service tax and amount above Rs 2 lakh will be charged Rs 25 plus service tax. 

4. Issue of ATM cards: 

Only RuPay cards will be issued free of charge. 

5. Exchange of soiled/Imperfect notes:

No charges shall be levied on notes up to 20 pieces and value up to Rs.5,000. More than 20 pieces will attract a charge of Rs 2 per piece plus service tax on the entire tender. For value above Rs 5,000, Rs 2 per piece or Rs 5 per 1,000 plus service tax, whichever is higher on the entire order will be charged.