State Bank of India is stopping free transactions that can be done through ATM counters. Fore every transaction done through SBI ATM there will a fees. This is a very shocking news that is coming out regarding revision of service charges for State Bank of India. As per latest information from SBI circular, proposed revision of SBI Service Charges Fees for SBI ATM fees, Branch transactions charges is made. SBI ATM fees is Rs.25 per transaction from 1-6-17. This new service charges levying on SBI ATM transactions will come in to effect from 1 June 2017 (1/6/2017).”
Latest list of SBI service charges fees levied by State Bank of India will be for cash transactions done through ATM and Bank branch transactions. Aim of State Bank of India is to bring more importance to online transactions. SBI is one of the biggest banks in India that has crores of savings account holder in it. If charges are levied for ATM nad branch transactions most people will be diverted to look for online or debit, credit card transactions at point of Sale (POS). This will ensure that India gets digital in a very fast way. Physical cash transactions done by SBI account holders will become low.
We have updated all relevant information as per SBI circular directing new service charges, SBI ATM fees that will come into effect from 04-06-2017 in India. There are lot of people protesting against such actions by State Bank of India by levying service charges on ATM transactions. There will be lot of people who will be withdrawing their money from SBI savings accounts and looking out for depositing in accounts of other banks. If such ATM fees was charges by all banks together, there would have been a greater chance that people will go for a Digital India as they have no choice. In this case only SBI is increasing fees for ATM Branch transactions which will give customers or account holders lot of options by going to other banks.
State Bank of Inida is one of the most trusted banks in India. Such a move by SBI to bring up SBI ATM Fees, stop free transactions in ATM, increase service charges from 1st June 2017 is a disappointing one..
Latest SBI Service Charges Fees 2018
SBI Service charges fees renewal from 2018 is an important one that is overlooked by whole India. In this article we will be going through all relevant details mentioned in official SBI circular given by State Bank of India.
What are New SBI ATM charges for withdrawal ?
ATM Cash Withdrawals will now have a service charge. Rs. 25 is service charge for each transaction done through an ATM for cash withdrawal. This is one of the most asked question by SBI Savings account holders. SBI ATM transactions are most used for withdrawals by account holders. With new revision of service charges by State Bank of India there will be Fees for withdrawal of cash using SBI Debit cards.
What is new SBI ATM free transaction limit ?
There will be no Free transactions at SBI ATM counters from 1 June 2017.
What is Fees for SBI Cash deposits ?
From now on wards there will be fees for depositing cash in to SBI savings accounts and all types of account transactions done at Branches and ATM’s of SBI.
For Cash Deposits through Branch Counter or BC there will be SBI Frees as follows from 1/6/2017,
For Minimum Rs.10,000 (multiples of 100) the service charge will be at rate of 0.25% of value. For cash deposit of Rs.10,000 at SBI branch counter a fees of minimum Rs.2 and maximum Rs.8 has to be paid along with an additional Service tax for this transaction.
What is Fees for SBI Cash Withdrawals from Branches ?
There will be fees for withdrawing cash from SBI savings accounts or other accounts at State Bank of India.
For Cash Withdrawals through Branch Counter or BC there will be SBI Frees as follows from 1/6/2017,
For Minimum Rs.2,000 (multiples of 100) the service charge will be at rate of 2.50% of value. For cash withdrawal of Rs.2,000 at SBI branch counter a fees of minimum Rs.6 has to be paid along with an additional Service tax for this transaction.
Old Official SBI Circular regarding SBI Fees & Service charges list as on 1/6/2017 https://www.sbi.co.in/portal/documents/28392/54635/Chiarman+Notes+Service+Charges.pdf/28b2e96e-ef23-4f3a-a05d-c2ad6fdbe317
IMPS Fund Transfer Charges
- For all IMPS fund transfers up to Rs. 1 Lakh (1 lac) which is done through USSD or MB or UPI or INB there will be a Fees of Rs. 5 plus Service Tax.
- For all IMPS fund transfers from Rs. 1 Lakh (1 lac) up to Rs. 2 Lakh (2 lac) which is done through USSD or MB or UPI or INB there will be a Fees of Rs. 15 plus Service Tax.
- For all IMPS fund transfers from Rs. 2 Lakh (2 lac) up to Rs. 5 Lakh (5 lac) which is done through USSD or MB or UPI or INB there will be a Fees of Rs. 25 plus Service Tax.Service Charges on ATM & BC
Fees for Exchanging old / imperfect / damaged currency notes
- There is no Fees for exchange of damaged or old notes upto 20 pieces or value up to Rs.5,000/-
- For more than 20 pieces or more than value of Rs.5000 there will be Rs.2 per piece Plus service tax.