State Bank of India's revised charges on ATM withdrawals, service charges and other cash transactions will be effective from June 1 onwards.
However the state lender has clarified that the Rs 25 charge it initially announced on ATM withdrawals is only applicable on its mobile app SBI Bank Buddy.
The limit of four ATM withdrawals per month applies specifically to the Basic Savings Banks Deposit Accounts which is aimed at the poorer sections and communities in a bid to encourage them to save more.
Here are all you need to know about the new service charges:
1. 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.
2. For issue of a new ATM card, only RuPay classic card will be free of cost.
3. Issue of cheque books for basic savings bank deposit accounts come in three standard rates of Rs 30, Rs 75 and Rs 150 for 10-leaf, 25-leaf and 50-leaf books respectively.
4. IMPS fund transfers through UPI and other digital transactions will be charged Rs 5 for amounts upto Rs 1 lakh, Rs 15 for amounts over Rs 1 lakh to Rs 2 lakh and Rs 25 for amounts over Rs 2 lakhs to Rs 5 lakhs. These charges are excluding service taxes too.
5. For people who want to exchange soiled and imperfect notes, upto 20 pieces and value of upto Rs 5,000 will attract no charges. However, for more than 20 pieces and value of over Rs 5,000 will call for Rs 2 for every soiled note.