Credit/debit card charges are levied by the banks on their customers based on the type of card opted for and number of transactions. However, you might have noticed that State Bank of India (SBI) has debited Rs 147.5 from your bank account without you making any transaction. This amount has been deducted from your account under the annual maintenance/service fee for the debit/ATM card used by you. The SBI provides a host of debit cards to its customers and most of them are Classic/Silver/ Contactless/Global debit cards. An amount of Rs 125 is charged by the bank as an annual maintenance fee for these cards.
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While the charge is Rs 125, SBI deducted Rs 147.5 from your account because a Goods and Services Tax (GST) of 18 per cent is applied on this service fee. Hence, 18 per cent of Rs 125 amounts to Rs 22.5. So, Rs 22.5 is added to Rs 125, resulting in Rs 147.5. Additionally, if you wish to replace or change your debit card, then the bank will levy Rs 300+GST for this service, apart from the service charge.
Several types of debit cards are offered by SBI like domestic, international, and co-branded cards. You can apply for a SBI debit card on the basis of your spending requirements. All the debit cards offered by SBI are linked to your bank account, and when you do a transaction via your debit card, the money is deducted directly from your bank account.
It’s not just the SBI which charges an annual maintenance fee for the debit/ATM card. Other banks also deduct an annual service fee from their customers’ account. For instance, ICICI Bank charges a joining fee of Rs 499 and an annual charge of the same amount for Coral debit cards. This fee is not charged by the bank for other debit cards.
Moreover, ICICI Bank charges Rs 25 for the regeneration of a debit card PIN. This fee is not applied on the requests made via “instapin” at its branches or via customer care using IVR.
ICICI Bank debit card holders are charged Rs 25 per transaction for any transaction decline at other bank ATMs or points of sale (PoS) because of insufficient balance in the account.
