Home > Blog > Check these SBI bank service charges

Check these SBI bank service charges

IamCheated.com Research Team | January 15, 2020  5:58:pm

Each bank charges a certain fee for providing services to its customers. This fee is known as a service charge. Service charges levied by banks vary across banks and services. Not all the services have the same service charges.

So, it is very important to be aware of service charges levied by your bank on various services. This will help you know if any additional amount is deducted from your bank account. In this blog, we will discuss the service charges levied by the country's largest lender State Bank of India to its customers.

See Also: IndianMoney Review: How To Minimize Bank Charges?

SBI bank service charges 

1. Charges for IMPS fund transfer

You might be aware that charges for NEFT and RTGS have been waived off from January 2020. If you transfer funds using NEFT and RTGS you don't have to pay any charges. But, this is applicable only if you transfer funds through Net Banking or Mobile banking. In case you do NEFT or RTGS through the SBI branch, you will be charged for this. On the other hand IMPS (Immediate Payment Service) transactions are still chargeable.  IMPS fund transfer above Rs 2 Lakh is chargeable.

2. Minimum Balance

Banks will charge if you do not maintain a monthly or quarterly average balance in your savings account. In the case of SBI, customers having savings bank accounts in metros and urban centre branches must maintain an average monthly balance of Rs 3,000. The customers of semi-urban branches must maintain Rs 2,000 and rural branches must maintain Rs 1,000. SBI charges Rs 5-15 in case customers do not maintain the required account balance.

3. Charges for cash withdrawal from ATM

According to RBI guidelines, you are allowed to withdraw cash from ATMs without any charges only for a certain time. After that, you will be charged for withdrawing cash from ATMs. After you cross 5 free transactions you will be charged an amount varying from Rs 8-20 depending on the type of transaction.

In case you lose your debit or credit card, you will be charged for issuing the new card. If you forget your ATM PIN, you must pay a certain amount for resetting it.

4. Charges for sending the transaction alert

With the intention of keeping customers updated on the transactions in their bank accounts, banks send transaction alerts to their customers. These alerts are either sent through SMS or emails and they are chargeable. SBI levies Rs 12 plus GST per quarter for sending an SMS alert to its customers.

5. Doorstep Banking

If you are an SBI customer you will be offered doorstep banking services by the bank.  However, you will be charged for availing that service. For non-financial doorstep services, you will be charged Rs 60 plus GST, for financial door-step banking services you will be charged Rs 100 plus GST.

See Also: Know The Hidden Bank Charges You Are Paying

Not happy with a product or service? Just visit IndianMoney.com’s complaint portal IamCheated.com and post your issue. We’ll get in touch with the concerned entity and help you with the resolution. With an aim to spread awareness on fraudulent activities, we publish articles and videos on a regular basis. You can also publish reviews about companies on IamCheated.com.