Cash withdrawal from ATMs and bank accounts and electronic transfer of money are among a slew of banking activities that will invite charges now as the State Bank of India’s revised rules come into effect starting June 1.
The new norms, other than restricting the number of free ATM transactions from SBI ATMs, also introduce fresh charges on electronic fund transfers, exchange of soiled notes and issue of cheque books and debit cards, among others.
Here is a compilation of the new rules and how they will impact you:
IMPS fund transfers
This mode of electronic transfer of money will now invite charges on three levels. While transfers upto Rs 1 lakh will draw Rs 5 as service charge, transfers between Rs 1 lakh to Rs 2 lakh and Rs 2 lakh to Rs 5 lakh will be charged at Rs 15 and Rs 25 plus service tax respectively.
Exchange of soiled notes
Any exchange of over 20 pieces of soiled or imperfect notes worth above Rs 5,000 will attract a charge of Rs 2 per piece or Rs 5 per Rs 1,000 (whichever is higher) in soiled notes exchanged.
For example, for an exchange of 25 pieces of Rs.500 notes valuing Rs.12,500, a charge of Rs.50 (Rs.2 per piece) will be levied. However, in terms of value, a charge of Rs.62.50 (Rs.5 per Rs.1000) will be charged since it is the higher
Issue of cheque book
Getting a fresh cheque book issued will also attract certain charges starting today. 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.
Issue of ATM card
Only the RuPay classic card will come free of cost. All other debit and ATM cards will be charged.
Four withdrawals in a month including ATM withdrawals will be free of charge. Withdrawals thereafter will be charged as below:
At Branch- Rs 50/- + ST per transaction.
At other bank ATMS- Rs. 20/- + ST per transaction.
SBI ATMs- Rs. 10/- + ST per transaction.
State Bank BUDDY: Service Charges
Cash withdrawal from Wallet Balance through ATM will cost Rs 25 per transaction. Similarly, cash deposits into your wallet through Business Correspondent (BC) will draw a charge of 0.25 per cent of the transaction value. The fee to be charged will be a minimum of Rs 2 and a maximum of Rs 8 for deposits up to Rs 10,000 in multiples of 100.
On the other hand, cash withdrawal from wallet balance through business correspondent upto Rs 2,000 will cost 2.5 per cent of the transaction value. Rs 6 has been set as the minimum charge to be levied under this head.