Is SBI really going to charge Rs 25 charge for every ATM withdrawal? Answer is here

An SBI official has clarified that the bank will not charge Rs 25 per transaction on cash withdrawals contrary to a circular the bank had  earlier issued. The official has said that the notification was specifically for SBI mobile wallet (called Buddy) users.

The bank plans to issue a fresh circular soon making the clarification. "SBI will send a fresh notification by evening today to clarify the same. There will not be additional service charges, and existing rates will continue on withdrawals from ATM," the official told Business Today on condition of anonymity.

ATM charges, are set by the RBI, and uniform  for all banks. Rules mandate at least three fee transactions per month from ATMs of other banks and five from ATMs of own bank in metro cities. Banks charge Rs 20 per financial transaction and Rs.9.55, including tax, for every non-financial one beyond this limit.

Earlier today, in a vague circular,  the SBI announced a charge of Rs 25 per transaction on cash withdrawals. The circular titled 'revision in service charges additions/ modifications: wef 01/06/2017' said Rs 25 per transaction would apply on cash out through ATM.

The same circular went on to add that beyond four withdrawals, the bank would charge Rs 50 plus service tax at branch, Rs. 20 plus service tax at other bank ATMs and Rs 10 plus service tax at SBI Bank ATMs on Basic Savings Bank Deposit Accounts (BSBDA). 

Also, if a BSBDA customer  wanted to issue a cheque book, w.e.f June 1, he/she would have to pay Rs 30 plus service tax for a 10 leaf cheque book, Rs 75 with service tax for 25 leaf cheque book and Rs 150 plus service tax for a 50 leaf cheque book.

The order further stated that customers also have to pay charges over exchanging of old and sullied notes above Rs 5,000.

Cash deposit through banking correspondent of up to Rs 10,000 (in multiples of 100) would be charged at 0.25 per cent of the value with a minimum of Rs 2 and maximum of Rs 8 plus service tax.

Further, cash withdrawal through banking correspondent of up to Rs 2,000 (multiples of 100) would be charged at 2.50 per cent of the transaction value (minimum of Rs 6) plus service tax.

Also, if a customer wanted to issue a cheque book, w.e.f June 1, he/she would have to pay Rs 30 plus service tax for a 10 leaf cheque book, Rs 75 with service tax for 25 leaf cheque book and Rs 150 plus service tax for a 50 leaf cheque

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