SBI ATM Withdrawal Rules And Charges For Other Services

State Bank of India or SBI has in recent months revised its charges on various services like ATM withdrawal, cash transactions, issuance of cheque books, exchange of soiled notes and online transfer of funds through Immediate Payment Service (IMPS). SBI has clarified that customers of its mobile wallet State Bank Buddy will be charged 3 per cent plus GST of 18 per cent on transfer from Buddy to bank account using IMPS. SBI's Buddy app allows its customers to transfer money with their contacts on phonebook or Facebook, recharge mobiles/DTH and transfer money instantly to their bank accounts. SBI savings bank account customers however will continue to get eight free ATM transactions (five at SBI ATMs and three at ATMs of other banks) in metro cities and 10 free transactions in non-metro cities (five at SBI ATMs and five at ATMs of other banks), the public sector lender added.

The limit of four ATM withdrawals per month only applies to the Basic Savings Banks Deposit Accounts, SBI added. State Bank of India's Basic Savings Bank Account is a limited-services bank account aimed at encouraging savings without burden of charges or fees, according to the bank's website. This type of bank account comes with an ATM-cum-debit card free of cost and no annual maintenance charges. A basic savings bank deposit account holder is not eligible to open or keep any other savings bank account.

SBI has also revised charges for some other services for its customers, from June 1. Here are the key changes:

Cash withdrawal: Customers with a Basic Savings Bank Deposit will get four free withdrawals (including ATM) in a month, after which withdrawals will be charged - at Rs. 50 plus tax at an SBI branch, Rs. 20 plus tax at other bank ATMs and Rs 10 plus tax at SBI ATMs.

Charges on ATM cards: SBI said that issuance of new debit cards will be charged from June 1 and only the RuPay Classic Card will be issued for free.

Online transfer: Online fund transfer through IMPS will now be charged Rs. 5 plus GST of 18 per cent for amount from Rs 1,000-Rs. 1 lakh; Rs. 15 plus tax for above Rs. 1 lakh and up to Rs. 2 lakh. Money transfers up to Rs 1,000 using IMPS will not attract any charge, SBI said.

Cheque book: For savings bank account customers, if their quarterly average balance is up to Rs 1 lakh, then first 25 cheque leaves are free in a financial year and thereafter a 10-leaf cheque book will be charged Rs 30 plus tax, a 25-leaf cheque book will be charged Rs 75 plus tax and a 50-leaf cheque book @ Rs 150 plus GST of 18 per cent. However, if your quarterly average balance is more than Rs 1 lakh, then cheque books will be free, Indian's biggest lender said. Cheque books will also be free for senior citizens irrespective of their quarterly average balance. (See details here)

Exchange of soiled notes: SBI said exchanging up to 20 soiled notes or for value up to Rs. 5,000 will not attract any charges. However, more than 20 pieces of soiled notes will attract a charge of Rs. 2 per piece or Rs. 5 per Rs. 1,000 plus tax, whichever is higher on the entire tender, the bank said. For example, for 25 pieces of Rs. 500, which is equal to Rs. 12,500, the charges will be Rs. 2 per piece (Rs. 50 plus tax) or Rs. 5 per Rs. 1,000 (Rs. 62.50 plus tax), whichever is higher. The amount charged will be Rs. 62.50 plus tax. (See details)

Cash transaction through banking correspondents: SBI said cash deposits of up to Rs. 10,000 (in multiples of 100) through banking correspondents will be charged at 0.25 per cent of the value with a minimum of Rs. 2 and maximum of Rs. 8 plus tax. Cash withdrawal of up to Rs. 2,000 (in multiples of 100) through the same channel will be charged at 2.5 per cent of the transaction value (minimum of Rs. 6) plus service tax.