Several banks, including both private and public sector lenders, collect certain fees from their customers for various transactions, including cash withdrawals from ATMs, cash transactions at branches, Internet banking services and others. . They can also charge a certain amount of money for not maintaining the minimum account balance. The State Bank of India, or SBI, is no different, but it has waived fines imposed for not maintaining the average monthly balance from 2020. SBI transaction fees for various services depend on various factors such as l branch location or minimum account balance.
Here is an overview of SBI service fees for various financial and non-financial transactions
Non-maintenance of the average monthly balance
The penalty for not maintaining the average monthly balance of savings bank accounts was lifted from March 2020, the SBI said on its website. Previously, SBI levied a penalty of Rs 5 to Rs 15 depending on the location of the branch, whether it was in the metro, semi-urban or rural area.
ATM transaction fees
SBI customers who maintain an average monthly balance of up to Rs 1 lakh, enjoy a free transaction limit of five transactions at SBI ATMs. For other ATMs, the free transaction limit is capped at three in six metropolitan cities, including Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad. The same is capped at five at other locations. SBI customers who maintain an average monthly balance above Rs 1 lakh are granted unlimited free access to transactions.
The SBI levies a service charge of Rs 20 as a fee for financial transactions beyond
the set limit. For non-cash transactions, the bank charges a service charge of Rs 5 at SBI ATMs and Rs 8 at other bank ATMs plus tax once the set limit is exceeded.
Cash withdrawal fees at SBI ATMs
For each cash withdrawal over the free limit, SBI charges Rs.10 per transaction, while an additional Rs.20 is levied on the customer for each additional financial transaction at ATMs of other banks. On top of that, additional GST, if any, is added.
For each transaction declined due to insufficient balance, SBI charges Rs 20 plus GST as a service charge.
SBI cash withdrawal fees at the bank
The State Bank of India collects fees beyond four free transactions at bank branches and ATMs. The Bank charges Rs 15 plus GST per cash withdrawal transaction at Branch Channel/ATM.
SBI Check Book Service Fee
The lender offers the first 10 free check sheets during a fiscal year.
Thereafter he charges 40 rupees plus GST for the 10 sheet check book. For a 25-sheet check book, the SBI charges a service charge of Rs 75 plus GST. For emergency check books – Rs 50 plus GST for 10 check sheets or part thereof is charged by the bank.
Read all the latest news, breaking news, watch the best videos and live TV here.
