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Wednesday , 19 June 2019
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SBI to charge for exchanging torn, soiled notes; service charges on transactions also revised

State Bank of India (SBI) is again planning to revise the service charges on various transactions. A proposal has already been drafted and is currently being given final shape. One of the most important changes that have been proposed relates to the exchange of torn, soiled or wet notes. Now exchanging such notes will attract charges of Rs 2-5 per note. However, this would come into effect when the number of notes being exchanged is more than 20 and its overall value is greater than Rs 5000. Anything less than this will not attract any charges. Anything more will be charged at Rs 2 to Rs 5 per note and service tax as well.

SBI will also be introducing a limit on cash withdrawals at ATMs and bank branches. Together, only 4 free cash withdrawals will be allowed. Anything beyond that will attract charges, which will be Rs 10 + service tax in case of SBI branch/ATM and Rs 20 + service tax in case of other bank ATM. Charges will also be imposed on debit cards that are issued by Visa or MasterCard. Only RuPay debit cards will be free. These revisions are likely to be effective from June 1, 2017.

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