SBI's various charges on cash withdrawals; here's the list
As per SBI the charges are levied for the cost involved in handling the transaction and the attendant work. Govt has received various complain from public in regards to imposition of charges on frequent banking.
- SBI charges Rs 50 plus GST per transaction on cash withdrawal from branches
- At SBI ATMs, cash withdrawal is charged at Rs 10 plus GST per transaction
- RBI does not fixes charges on cash withdrawal
Santosh Kumar Gangwar, Minister of State for Finance on Tuesday, in a written letter replied to Rajya Sabha, detailed State Bank of India's (SBI) various charges on transactions, withdrawals, etc.
"Government has received some complaints from public including Hon’ble Members of Parliament regarding to impose penalties on customers for not keeping minimum balance by banks," said Gangwar.
According to Gangwar, the State Bank of India has informed its charges levied on their customers beyond the number of free transactions.
Charges on cash withdrawal at branches beyond the free withdrawal has been fixed by SBI at Rs 50 per transaction plus GST rates.
Further charges levied for cash withdrawals at ATMs beyond the permitted free withdrawals are -
Rs 10 plus GST rates per transaction at any SBI Bank ATMs
Rs 20 plus GST rates per transaction at other banks ATMs.
Here's are the details of free transaction that are allowed by SBI.
SBI has informed that with substantial investment in infrastructure and technology, cash outgo to other banks for ATM transactions and cost of servicing Pradhan Mantri Jan Dhan Yojana (PMJDY) / Basic Savings Bank Deposit (BSBD) /Financial Inclusion (FI) accounts with RUPay Debit Card, it becomes imperative for the bank to find a way out to recover at least a part of the cost.
The charges are levied for the cost involved in handling the transaction and the attendant work, added SBI.
Reserve Bank of India (RBI) has informed that terms and conditions for operating a saving bank account including minimum balance requirements are decided by Boards of individual bank. These charges are not fixed by RBI.