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.
Normal savings bank accounts holders will continue to get eight free ATM transactions (five from SBI ATMs plus three from other bank ATMs) in metros and 10 free transactions in non-metros (five from SBI ATMs plus five from other bank ATMs).
While cash deposit through these channels using a mobile wallet will attract a maximum transaction cost of Rs 8 plus service tax which is Rs 3.50 per transaction, cash withdrawals will attract a levy of 2.5% of the transaction value plus tax.
The service charges will be effective from June 1, 2017, Kumar said.
State Bank of India (SBI) has made a decision to allow cash withdrawals from its wallet - SBI Buddy - through automated teller machines from June 1, subject to a charge of Rs. 25 per transaction for such withdrawals, irrespective of the amount.
Jan-Dhan account holders with the SBI can avail of four free withdrawals in a month from ATMs.
Clarifying to it, the bank today said that, "Cash out at ATM: The transaction is cash withdrawal from State Bank Buddy using ATM".
Meanwhile, the SBI has denied media reports that it has increased service charges to Rs25 on regular ATM transactions. Kumar added that the bank would issue a new circular with clearer information.
Cheque Books: From June 1, a customers with a Basic Savings Bank Deposit will 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.
Customers spotted in front of an SBI ATM here also expressed anger. There will also be a charge from Rs. 2 to Rs. 8 for depositing money in the bank.
An MP decried the fees as "bullying", while one film star said the charges demonstrated an "anti-people policy".
"The Centre has cheated people and it has to be seen from the perspective that they did this very tactfully because Kerala's own bank (State Bank of Travancore) has been merged with the SBI".
"This was bound to happen and these are measures to pick the pockets poor people".
- Limit of 4 ATM withdrawals in a month only applies to the Basic Savings Banks deposit account.