Do you have an account with the country's top lender State Bank of India (SBI)? Then this piece of news is of your interest. Are you among one of those SBI customers who have received a message of ₹147.50 deducted from your bank account without you having done any such transaction. There is no need to worry about the same as the bank has been deducting this amount for the annual maintenance/service fee for the ATM-cum-debit card used by you.
SBI charges ₹125 as an annual maintenance fee and an additional 18 per cent GST for a host of debit cards its customers use. So, if we add the GST to ₹125, it comes to ₹147.50. The bank also charges ₹300+GST to replace or alter a debit card.
SBI Cards and Payment Services Limited has revised its transaction fees for various credit card-related transactions. SBI Card mentioned on its website that “W.e.f. 15 Nov 2022, Processing Fee of Rs.99 + applicable taxes will be levied on all Rent Payment transactions."
“W.e.f. 15 Nov 2022, Processing Fee on all Merchant EMI transactions will be revised to Rs.199 + applicable taxes from Rs.99 + applicable taxes," reads SBI Card website.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. As on September 30, 2022, the bank has a deposit base of over Rs. 41.90 lakh crore with CASA ratio of 44.63% and advances of more than Rs. 30 lakh crore. SBI commands a market share of 32.9%. SBI has the largest network of 22,309 branches and 65,796 ATMs / ADWMs in India with 66,757 BC outlets.
