SBI starts charging customers for IMPS transactions; clarifications for the media

SBI new charges begin from today Here's all you need to know
SBI new rule to be effective from today –Know about revised service charges on ATM withdrawal, online transaction and more
Author

02 June, 2017

However, as per the new rules, for online fund transfers through IMPS or Immediate Payment Service, SBI will charge all its customers Rs 5 plus service tax for amounts of up to Rs 1 lakh, Rs. 15 plus service tax for above Rs 1 lakh and up to Rs 2 lakh, and Rs. 25 plus service tax for above Rs 2 lakh and up to Rs. 5 lakh.

The IMPS charges will be Rs 25 plus service tax for above Rs 2 lakh and up to Rs 5 lakh, the report added.

All normal saving bank accounts will be entitled to 8 free ATM transactions, which include 5 transactions of SBI ATMs and 3 of other ATMs, in metro cities and 10 free ATM transactions in non-metro cities.

Saving account holders can deposit their money, thrice in a month free of charge. The new charges are effective starting 1st June. While a cheque book with 10 leaves will be charged at Rs 30, a 25-leaf cheque book will attract a charge Rs. 75 and a 50-leaf cheque book will cost you Rs. 150.

Cash Withdrawals: Four withdrawals in a month including ATM withdrawals will be free of charges.

Apart from this, SBI also brought in many other charges on various transactions. In non-metro cities, regular savings accounts are allowed 5 free transactions at SBI ATMs and 5 free transactions at non-SBI ATMs.

- RuPay classic card to be issued for free on issue of a new ATM card.

The country's largest lender will start charging customers Rs 25 per transaction for withdrawing from its mobile app "SBI Mobile Buddy", as well as other transactions.

Cash withdrawal from Wallet Balance through business correspondents up to Rs 2,000 in multiples of 100 will see 2.50 percent of the transaction value with a minimum levy of Rs 6. The SBI mobile wallet allows cardless ATM withdrawals+ via its app.

Exchange of Soiled Notes: SBI will charge Rs. 2 plus service charge for every soiled note if the number of notes is more than 20 or the total value is above Rs. 5,000. MediaNama has sent an email to SBI seeking comment about the same and will update once we hear from them.


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