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SBI to charge fees on wallet-to-account transfers for its Buddy Wallet

State Bank of India (SBI) is levying a fee on customers using their Buddy wallet to make transfers to bank accounts. According to this circular, SBI will charge users 3% service charge plus service tax for wallet-to-account transactions using IMPS, starting June 1st, 2016. Charges for NEFT and RTGS transactions too NEFT transactions were also updated: Rs 2 for transfers below Rs 10,000. Rs 4 for for transfers above Rs 10,000 and below Rs 1 lakh Rs 12 for transfers between Rs 1 lakh and Rs 2 lakh Rs 20 for transfers above Rs 2 lakh RTGS transactions fees will be: Rs 25 from Rs 2 lakh to Rs 5 lakh Rs 45 for transactions above Rs 5 lakh Note, on NEFT and RTGS transactions, service charge will be extra. Cost of transaction was always there There was always a cost associated with wallet-to-account transactions, but most bank wallets (Pockets by ICICI Bank and Lime by Axis Bank) absorb these costs and do not charge customers. Union Bank of India's DigiPurse wallet has this to say in its terms and conditions: At present, Bank does not charge any fee for offering this DigiPurse Facility. Bank reserves the right to charge the Customer fee for the use of the services provided under the facility and change the fee structure at its discretion. Display of such charges on Bank’s website would serve as sufficient notice and the same is binding on the customer. In terms of wallets, Paytm, passes on the charges to customers in…

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