Mumbai, May 11: State Bank of India has issued a brand new notification revising charges applicable on various banking services. The changes will come into effect on the 1st of June, 2017 and include the proposal to charge users a sum of Rs 25 for every transaction conducted via an ATM.
Apart from the additional charges on ATM transactions, the bank has notified that cash deposits via BC that are up to a sum of Rs 10,000, will be charged 0.25 per cent of the value along with the service tax. For sums up to Rs 2,000, the charges will amount to 2.50 per cent of the transaction value along with the applicable service taxes.
However, confusion prevails over the exact terms of the additionally notified charges. While a segment of the notification specifies extra charges for every ATM transaction, another segment mentions that four withdrawals in a month including ATM withdrawals would be free of charges.
Beyond four withdrawals the bank specifies that customers would be charged Rs 50 plus service tax per transaction from other banks, and Rs 10 per transaction along with service tax from the SBI’s own ATM branches. SBI representatives were unavailable for comment on the apparent contradiction in the directives put forth by the two segments of the same notification.
The bank will also be levying an additional charge on customers for the issuance of ATM cards. However, the fee would not be applicable on RuPay cards. Additionally, users will be forced to pay an extra fee for obtaining chequebooks.
The cost of a 10 leaf cheque book has been set at Rs 30 along with the applicable service taxes. For, 25 leaf cheque books and 50 leaf cheque books will be charged at Rs 75 and Rs 150 each. The additional charges on various banking services come in the wake of a flurry of similar changes that had been introduced beginning April 1.
Apart from launching a new policy for ATM withdrawals, the State Bank of India had introduced a mandatory requirement of a minimum account balance for all of its customers. This monthly average balance (MAB), was to be determined on the basis of the region of residence of the user and the amount of balance in the account.
The bank had additionally stated that customers who failed to maintain the minimum account balance would be penalised. The slew of measures come in the wake of SBI’s 5 associate banks including the State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State Bank of Patiala and Bharatiya Mahila Bank (BMB), have been merged with the main bank.