wordpress blog stats
Connect with us

Hi, what are you looking for?

SBI starts charging customers for IMPS transactions; clarifications for the media

  State Bank of India (SBI) has started making online transactions more expensive. The bank will now be charging customers for IMPS transactions through mobile banking, net banking, UPI and USSD. The latest charges will be applicable from June 1, 2017, according to SBI's circular. For transactions below Rs 1 lakh, SBI is charging Rs 5 plus service tax. Transfers above 1 lakh and up to 2 lakh will be charged Rs 15 plus service tax. For transactions above Rs 2 lakh and up to Rs 5 lakh, the bank is charging Rs 25 plus service tax. The bank also has started limiting the number of ATM withdrawals from basic savings bank deposit (BSBD) accounts. These are the no-frills bank accounts which were opened under the Jan Dhan Yojana. BSBD accounts will have four free ATM transactions following which, they will not be allowed any more withdrawals. Note that regular saving bank accounts will be allowed 5 free transactions at SBI ATMs and 3 free transactions at non-SBI ATMs in metro cities. In non-metro cities, regular savings accounts are allowed 5 free transactions at SBI ATMs and 5 free transactions at non-SBI ATMs. Meanwhile, the bank also said SBI Buddy wallet customers will be charging Rs 25 for an ATM withdrawal. Cash withdrawals through business correspondents will be charged 2.5% of the transaction plus service tax (SBI should not be allowed to do this at all, we'll get to that in a bit). Cash deposits in the wallet through business correspondents will…

Please subscribe/login to read the full story.
Written By

Free Reads

News

Vaishnaw's remarks come a day after Google removed apps belonging to Matrimony.com, Info Edge (Naukri and 99 Acres), Shaadi.com, Altt, Truly Madly, Stage, Quack...

News

Paytm has started distancing itself from PPBL in light of the current negative spotlight on PPBL.

News

The move can be seen as an attempt by Paytm to distance itself from the troubled Paytm Payments Bank, which has been significantly restricted...

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ