SBI Customers Alert! Rs 147.5 Deducted from Your Saving Account; Here’s Why

SBI Customers: Based on the type of card selected and the volume of transactions, banks assess credit/debit card fees to their customers. However, you may have noticed that the State Bank of India (SBI) has taken Rs 147.5 out of your account without your consent.

The annual maintenance/service charge for the debit/ATM card that you use has been debited from your account in this amount. Customers of SBI can choose from a variety of debit cards, the majority of which are Classic/Silver/Contactless/Global cards. The annual maintenance fee for these cards is Rs 125, which is charged by the bank.

While the charge is Rs 125, SBI withdrew Rs 147.5 from your account because this service fee is subject to an 18% Goods and Services Tax (GST). Therefore, 18% of 125 rupees is 22.5 rupees. So, Rs 22.5 is added to Rs 125 to get Rs 147.5. In addition to the service fee, the bank will charge you Rs 300 + GST if you want to replace or update your debit card.

SBI provides a variety of debit card options, including domestic, international, and co-branded cards. You can apply for an SBI debit card based on how much money you plan to spend. All of the SBI debit cards are linked to your bank account, so whenever you use one of them to make a purchase, money is taken right out of your account.

Not simply SBI is responsible for the debit/ATM card's annual maintenance fee. A yearly service charge is also deducted from customers' accounts by other banks. For example, ICICI Bank charges Rs 499 as a registration fee and Rs 499 as an annual fee for Coral debit cards. The bank does not impose this cost on other debit cards.

Other Bank Charges

In addition, ICICI Bank charges Rs 25 to generate a PIN for a debit card. Requests made through "instapin" at its branches or through IVR customer service do not impose this fee.

Holders of ICICI Bank debit cards must pay Rs 25 each time a transaction is declined at an ATM or point of sale (PoS) of another bank due to a low account balance.