As private banks take the lead to introduce cash transaction charges, India's largest public sector bank SBI has taken the remonetisation plunge too.
Come April 1st and its customers will have to shell out extra charge for using debit cards and ATMs above the mandatory limit.
As per the notification accessed by India Today, State Bank of India will be charging 10 rupees (excluding service tax) beyond five ATM withdrawals for its customers. Currently, under RBI guidelines, banks must offer their savings bank account holders a minimum of five free transactions.
WHAT FOR OTHER CARD HOLDERS
SBI has also mandated banks to offer at least 3 free transactions to card holders of other banks at their ATMs. So for non-SBI card holders, the bank will be charging 20 rupees (excluding service tax) for crossing the limit. It has so far kept 3 transactions till Rs 1000 withdrawal from its ATM by non-SBI account holders free.
Account holders using SBI debit cards will have to shell out Rs 50 (excluding service tax) if they exceed the fixed limit. The bank has given a levy of 2 transactions below Rs 1000, two transactions between Rs 1000 and Rs 25,000, and 15 transactions between Rs 50,000 and Rs 1 lakh, which will be free of charge.