State Bank of India (SBI) has revised service charges on ATM (Automated Teller Machine) withdrawals for users of its mobile app "SBI Mobile Buddy", as well as for various other cash and online transactions, effective from June 1.
The country’s largest lender will start charging customers Rs 25 per transaction for withdrawing money from an ATM through its mobile wallet app from Thursday. The SBI mobile wallet allows cardless ATM withdrawals+ via its app.
SBI will also levy charges on withdrawals at branches and ATMs beyond the four free transactions, for its basic savings banks deposit account (BSBDA) holders. BSBDA is a zero balance savings account that provides basic services like an ATM card, monthly statement, and a cheque book. There are no annual maintenance charges for BSBDA customers.
Regular savings bank account holders will continue to get eight free ATM transactions (5 at SBI ATMs + 3 at ATMs of other banks) in metro cities and 10 free transactions in non-metro cities (5 at SBI ATMs + 5 at ATMs of other banks) in a month.
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.
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