Yesterday, many Indians were under the impression that State Bank of India, one of the country’s largest banks, was going to charge Rs 25 per ATM transaction. Understandably, this led to a bit of an outrage on social media after the rumours started swirling around. Now, SBI has clarified that they are not going to charge Rs 25 for ATM withdrawals. The 25-rupee fee is only if a customer wants to withdraw money from an ATM using the bank’s prepaid wallet, Buddy.
ATM charges are fixed by the RBI. All normal savings account holders get eight free ATM transactions (five SBI ATMs + three other bank ATMs) in a month and 10 free ATM transactions in a non-metro (five SBI + five other bank). The limit of four ATM withdrawals in a month only applies to the ‘Basic Savings Banks Deposit Account, said an SBI spokesperson.
The bank has revised service charge fees. An issue of a 30-leaf chequebook to cost Rs 30 plus service tax, a 25-leaf book will cost Rs 75 plus service tax and a 50-leaf book will cost Rs 150 plus service tax. Only the Ru-pay card will come free of cost.
Cash withdrawals and cash deposits through banking correspondents will attract a fee of Rs 2-8 plus service tax depending on the amount. IMPS fund tsfer charges will Rs 5-25 depending on the amount.