SBI's revised service charges on ATM withdrawal via mobile app comes into effect from June 1
State Bank of India's (SBI) revised charges of Rs 25 per transaction applicable for its mobile wallet app State Bank Buddy customers using ATM for withdrawing money has come into effect from June 1 this year.
1. Its revised charges of Rs 25 per transaction is applicable only for mobile wallet app State Bank Buddy customers using ATM
2. SBI's normal savings bank accounts holders will continue to get eight free ATM transactions per month
3. The bank has announced the revised charges on ATM withdrawals on May 10 this year
State Bank of India's (SBI) revised service charges on ATM withdrawal for users of its mobile app 'State Bank Buddy' and various other cash transactions has come into effect from June 1 this year, NDTV Profit reported.
The country's largest public sector lender had revised charges on ATM withdrawals in May last month and later had clarified that the charge of Rs 25 is applicable only for withdrawals from State Bank Buddy app through ATMs.
"Rs 25 per transaction charge is applicable only for mobile wallet app SBI Buddy using ATM. This is applicable only for State Bank Buddy customers," IANS had reported quoting the bank as saying in a statement on May 11.
The clarification came after the SBI in a notification in May indicated that all ATM withdrawals will be charged a fee of Rs 25, which was later replaced with the corrected notification.
The bank has said that the number of free withdrawals from ATMs remained unchanged.
Jan-Dhan account holders with the SBI can avail of four free withdrawals in a month from ATMs.
Normal savings bank accounts holders will continue to get eight free ATM transactions (five from SBI ATMs plus three from other bank ATMs) in metros and 10 free transactions in non-metros (five from SBI ATMs plus five from other bank ATMs), according to earlier IANS report.
Its State Bank Buddy app is a new facility that enables withdrawal of cash through ATMs using the bank's mobile wallet.
According to NDTV Profit report citing the SBI, the limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts.
SBI's basic savings account is a limited-services bank account aimed at poorer sections of society to encourage them to start saving without any burden of charges or fees. This type of bank account comes with an ATM-cum-debit free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open any other savings bank account.
Moreover, the bank has also revised service charges on various cash transactions for its customers with effect from June 1 this year.
Here's list of key changes made by SBI:
1. Online Transfers:
The bank will now charge Rs 5 plus service tax for transfer of amounts of up to Rs 1 lakh for online fund transfer through Immediate Payment Service (IMPS) and Rs 15 plus service tax for funds above Rs 1 lakh and up to Rs 2 lakh. For funds above Rs 2 lakh to up to Rs 5 lakh it will charge Rs 25 plus service tax
2.Cheque Books :
A customer with a Basic Savings Bank Deposit account with SBI, will have to pay Rs 30 plus service tax for a 10-leaf cheque book from June 1 and Rs 75 with service tax for 25-leaf cheque book and Rs. 150 plus service tax for a 50-leaf cheque book, cited the NDTV Profit report.
3. Charges on ATM Cards:
SBI said that issuance of new debit cards will be charged from June 1 and only RuPay classic card will be issued for free.
4. Cash Withdrawals:
Customers with a Basic Savings Bank Deposit will get four 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.