The SBI transaction charges for various services depend on various factors like the location of the branch or the minimum balance in the account.
Several banks, including both private and public sector lenders, levy certain charges from its customers for various transactions, including ATM cash withdrawal, cash transactions at branches, internet banking and others. They may also charge a certain amount of money for non-maintenance of minimum account balance. The State Bank of India, or SBI, is not any different, but it has waived off the fines levied for non-maintenance of the average monthly balance from 2020. The SBI transaction charges for various services depend on various factors like the location of the branch or the minimum balance in the account.
HERE IS A LOOK AT SBI SERVICE CHARGES FOR VARIOUS FINANCIAL AND NON-FINANCIAL TRANSACTIONS
Read More: RBI imposes Penalty Of Rs 1.67 Crore On Ola Financial Services Over Non-Compliance of KYC Guidelines
Non Maintenance of Average Monthly Balance
Penalty for non-maintenance of Average Monthly Balance in Savings Bank Accounts has been waived off from March 2020, the SBI said on its website. Earlier, SBI used to levy a penalty of Rs 5 to Rs 15 depending on the location of the branch, that it, whether it was in the metro, semi-urban or rural zone.
ATM Transaction Fee
Customers of the SBI who maintain an average monthly balance of up to Rs 1 lakh, get a free transaction limit of five transactions at SBI ATMs. For other ATMs, the free transaction limit is capped at three at six metro 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 of more than Rs 1 lakh, get unlimited free transaction access.
The SBI levies a service fee of Rs 20 as charges for financial transactions beyond
the set limit. For non-financial transactions, the bank charges a service fee of Rs 5 at SBI ATMs and Rs 8 at other bank ATMs plus taxes, once the set limit is over.
Read More: Now, You Can Live-Track Mumbai Local Train on Indian Railways’ Official App
SBI ATM Cash Withdrawal Charges
For each cash withdrawal beyond the free limit, SBI charges Rs 10 per transaction, while an extra Rs 20 is levied from the customer for each extra financial transaction at other bank ATMs. On top of this, extra GST as applicable is added.
For each declined transaction due to insufficient balance, SBI charges Rs 20 plus GST as service fee.
SBI Cash Withdrawal Charges at Bank
The State Bank of India recovers charges beyond four free transactions at both the bank branches and ATMs. The Bank charges Rs 15 plus GST per cash withdrawal transaction at Branch Channel/ATM.
SBI Cheque Book Service Fee
The lender provides First 10 cheque leaves free in a financial year.
Thereafter, it charges Rs 40 plus GST for 10 Leaf Cheque Book. For a 25 Leaf Cheque Book, the SBI charges a service fee of Rs 75 plus GST. For emergency cheque books — Rs 50 plus GST for 10 cheque leaves or part thereof is charged by the bank.
