SBI additional charges - others will follow
Here are the increased charges by SBI. I have a feeling if we dont oppose all private banks will follow.
1. ATM and online transactions:
Cash transactions using SBI's mobile app and State Bank Buddy will now attract Rs 25 service charge per transaction. As for ATM transactions for Savings Bank Deposit account, there will be no additional levy on the first four in a month. Beyond that, on withdrawals from SBI's own ATMs, a service charge of Rs 10 plus service tax will be levied. Similarly, Rs 20 plus service tax will be charged on Basic on other banks' ATMs. Additionally, for normal bank accounts, such as the savings bank, eight free ATM transactions will continue to be allowed in metros and ten free transactions in non-metros.
2. Depositing and withdrawing from Savings Bank accounts:
Cash deposits of up to Rs 10,000 into mobile wallet SBI Buddy will attract 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 of up to Rs 1 lakh. Transfer of amount above Rs 1 lakh but below Rs 2 lakh will attract Rs 15 plus service tax, and amount above Rs 2 lakh will attract 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 up to 20 pieces and Rs 5,000 value of notes. 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.
1. ATM and online transactions:
Cash transactions using SBI's mobile app and State Bank Buddy will now attract Rs 25 service charge per transaction. As for ATM transactions for Savings Bank Deposit account, there will be no additional levy on the first four in a month. Beyond that, on withdrawals from SBI's own ATMs, a service charge of Rs 10 plus service tax will be levied. Similarly, Rs 20 plus service tax will be charged on Basic on other banks' ATMs. Additionally, for normal bank accounts, such as the savings bank, eight free ATM transactions will continue to be allowed in metros and ten free transactions in non-metros.
2. Depositing and withdrawing from Savings Bank accounts:
Cash deposits of up to Rs 10,000 into mobile wallet SBI Buddy will attract 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 of up to Rs 1 lakh. Transfer of amount above Rs 1 lakh but below Rs 2 lakh will attract Rs 15 plus service tax, and amount above Rs 2 lakh will attract 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 up to 20 pieces and Rs 5,000 value of notes. 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.
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Oct 31
After demonitisation, Internet and online banking has increased substantially. And this electronic banking has brought banks into your hands (phones) and on to your desks (computers). Using your phone or computer, you can make and receive payments, you can get e-statements (and print them too if you have a printer). Our dependence on a bank employee has drastically come down. This kind of banking over a period of time, would eventually reduce the number of bank employees. The banks would be completely run by computers and data servers. And these equipments have to be manned by a few engineers. So, the number of employees in the banking industry would come down to a great extent. Human labour gets reduced. In any industry, human labour is the most expensive component and that is the reason automation is considered for cutting costs in any industry. Therefore, banks should be looking at charging a customer lesser and lesser over a period of time for services rendered.
Jun 09
wait are you guys aware from 01st april for savings account at sbi u need to maintain balance of inr 5000 rs and if you want to close the account they are charging inr 575 rs for account closure charges. they are blacmailing you from both sides. regarding making money they hvae already shown excellent profit and they will report more profit in next financial year.
Jun 08
Pradhan Mantri Jan-Dhan Yojana (PMJDY) is National Mission for Financial Inclusion to ensure access to financial services, and many poor people have already opened their account with their limited resources in SBI. Now they are being cheated by the Govt's bank by making profit from their pocket. Truly ACCHE DIN AYA HAI.
Jun 08
