SBI account holder? These are the service charges levied by your bank
For every service that the bank provides, there are certain charges that are levied to avail those services.
The largest public lender, the State Bank of India offers a variety of services for its customers. These include doorstep banking (DSB) services, internet banking, mobile banking services to name a few. But for every service that the bank provides, there are certain charges that are levied to avail them. If you are an account holder at State Bank of India, then you should know the service charges your bank levies on you:
1. Average Monthly Balance
SBI requests its customers to keep a minimum average balance so that the account is not treated as dormant. If the AMB is not maintained, SBI charges a penalty depending on the region you are residing in. For Metro and Urban cities, the average minimum balance is Rs 3,000. If this is not maintained, a deduction between Rs 10- Rs 15, plus GST will be charged on the account holder.
In case of Semi-urban cities, the AMB is Rs 2,000 while rural regions have an AMB of Rs 1,000. A charge between Rs 5- Rs 10 plus GST is levied on the account holder if the balance fall below the requirement.
2. Debit Card Charges
SBI charges certain amount for its debit card services. There is no charge for issuance of normal (Classic/Global) cards. Rs 100 plus service is levied for the annual maintenance of this card. The gold debit card is issued at Rs 100 plus service tax, with annual maintenance fee of Rs 150 plus service tax. In case of its platinum debit cards, it charges Rs 306 plus service tax on its issuance and Rs 200 plus service tax for its annual maintenance.
If you misplace your debit card, SBI charges Rs 204 plus service tax for replacement services.
To change your PIN or regenerate your PIN, SBI levies a charge of Rs 51 plus service tax.
3. ATM Charges
SBI offers three free transactions in other bank's ATM, on both financial and non-financial transactions in the six metro cities. If limits are crossed in the case of financial transactions, the consumer is charged Rs 20+GST and Rs 8+GST for non-financial transactions. The transaction limit remains unlimited for monthly average balance more than Rs 1,00,000.
For transactions made in the parent bank's ATM, transaction limit for the six metro cities is five, for monthly average balance below Rs 25,000. When the designated transactions are over, the individual is charged Rs 10+GST on financial and Rs 5+GST on non-financial transactions. Accounts with MAB over 25,000, the transactions for them remain unlimited.
When the debit card holder in such a small city makes transactions in the parent bank's ATM, he is given five free transactions if his monthly average balance less than Rs 25,000. When he crosses the set bar, he will be charged Rs 10+GST on financial and Rs 5+GST on non-financial transactions.
Transaction decline due to insufficient balance - Rs 20 + GST
Cardless Cash withdrawal at ATMs - Rs 22+GST
Even if your ATM/KIT is couriered at the wrong address, the next time bank will charge Rs 100 plus GST for the second attempt.
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4. Chequebook Charges
For individuals having a current account with SBI, the first 50 cheque leaves are free, after which Rs 3+ GST is charged per leaf. Thereafter, a 25 leaf chequebook is charged Rs 75 and Rs 150 for 50 leaf chequebooks, with GST. Individuals with Quarterly Monthly balance up to 1 lakh get the first 25 cheque leaves free in a financial year. Thereafter, a 10 leaf chequebook is Rs 30+GST, a 25 leaf chequebook at Rs 75+GST and a 50 leaf cheaquebook at Rs 150+GST.
5. Credit Card Charges
SBI charges an annual fee up to Rs 4,999 for credit cards and up to Rs 4,999 as renewal fee for the same. The fee will depend on the credit card variants. It charges 40.2% p.a for unsecured cards and 30% p.a on secured cards, for an extended credit request. It levies fees between Rs 100 to Rs 920, as late payment fee for due amounts ranging between Rs 200 to Rs 25,000.
If your card is lost, SBI will charge somewhere between Rs 100-250 for replacement
6. Other Service charges
i) Annual Maintenance Charge: Rs 400 ( Rs 350 for customers receiving statements by e-mail)
ii) Agreement Stamp paper: Rs 100 (for Agreement between DP and BO) or Rs 200 (if POA for eZ-instructions is also signed)
iii)Additional Account Statements by courier: Rs 30
So if you are an account holder in State Bank of India, your banks will levy the above mentioned charges on its various services. Hence, as a customer, you should be aware about how much SBI services cost you.
(By Ruchika Goswamy)
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