Everyone has a bank account to make financial transactions. If your account is in the country's largest government bank State Bank of India, then this news is special for you. Recently customers have received messages of money being deducted from their accounts.
Some customers of State Bank have received an SMS of a deduction of Rs 147.50 from their account. State Bank has given information to the customers in this regard. The bank told its customers that if they have also received such messages about money being debited, then there is no need to worry. This money is being debited only with the knowledge of the bank.
Why is money being cut?
State Bank of India said that an amount of Rs 147.50 is being deducted as an annual maintenance/service charge for the ATM-cum-debit cards used by customers. SBI charges Rs 125 as an annual maintenance fee. Additionally, the bank also charges an additional 18 percent GST for many debit cards.
Therefore, if GST is added to Rs 125, it becomes Rs 147.50. Apart from this, the bank charges Rs 300 for changing the debit card. Therefore, if an amount of Rs 147.50 has been deducted from your SBI account, then there is no need to worry.
Change in transaction fees
SBI Cards and Payment Services Limited changed its transaction charges for various credit card-related transactions in November. State Bank of India had said on its website that all fare payments starting from November 15, 2022, will be subject to a processing fee of Rs 99 and applicable taxes. Apart from this, the processing fee for all merchant EMI transactions has increased to Rs 199. Apart from this, the applicable tax will also have to be paid. The bank had given this information on the website of SBI Cards.
Other banks also charge
SBI is not the only bank to do this. ICICI, HDFC, and other banks also charge maintenance fees for debit cards. HDFC Bank charges Rs 200 to Rs 750 as debit card membership and annual fee. At the same time, the fee for changing the card is around Rs 200.
State Bank of India is the largest commercial bank in the country in terms of assets, deposits, branches, customers, and employees. SBI's market share is 32.9 percent.
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