State Bank of India's revised service charges effective from June 1; find out what they are

SBI introduces service charges right from cash withdrawal from ATMs to usage of solid or imperfect notes. State Bank Buddy customers to now Rs 25 on every cash withdrawal from ATMs. 

State Bank of India's revised service charges effective from June 1; find out what they are
State Bank of India Chairman Arundhati Bhattacharya announces the Financial Results for for the quarter ended December 31, 2016 at SBI Headquarters in Mumbai. Photo: IANS
By ZeeBiz WebTeam
Updated: Thu, Jun 01, 2017
12:08 pm
Mumbai, ZeeBiz WebDesk
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If you are a State Bank Buddy customer, then prepare to pay Rs 25 service charges on every cash withdrawal from ATMs with immediate effect from June 1, 2017. 

On May 11, 2017, State Bank of India (SBI) said that Rs 25 per transaction will be charged for withdrawing from your State Bank's Buddy account via ATMs. 

"Charges are applicable only for State Bank Buddy using ATM (This is applicable only for State Bank Buddy Customer)," the bank had said. 

Apart from this, SBI also brought in many other charges on various transactions. 

Customers holding Basic Savings Banks deposit account will have a limit of four ATM withdrawals in a month. 

Meantime, all Normal Saving Bank accounts will continue to get eight free ATM transactions (5 SBI ATMs + 3 other bank ATMs) in Metros & 10 free transactions in Non Metro (SBI ATM + 5 Other Bank ATMs) free apart from the bank transaction.

Other charges are: 

1. Anyone making upto Rs 1 lakh transfer on IMPS will be charged with Rs 5 per transaction plus service tax. 

2. Between Rs 1 lakh – Rs 2 lakh and Rs 2 lakh – Rs 5 lakh, service charges are at Rs 15 and Rs 25 each plus service tax.

3. For solid or imperfect notes, up to 20 piece and Rs 5,000 no charges will be levied but more than 20 piece and Rs 5,000 will see charges of Rs 2 per piece and Rs 5 per 1000 plus service tax.

4. On Basic Savings Bank Deposit (BSBD) account, no charged will be levied for four withdrawals. Post that, Rs 50 plus service tax will be charged at any SBI branch, while at any other bank Rs 20 plus tax.

5. On ATMs, cash withdrawal from savings account will be charged with Rs 10 per transaction plus service tax after exhaustion of free withdrawals quota. 

SBI while levying these charges had said it will be in effect from June 1, 2017.