You shouldn’t be concerned if you have a State Bank of India (SBI) account and have recently received a notice stating that Rs 147.50 has been deducted from your account without your initiating the transaction. Pay attention to the fact that the bank has been deducting this amount annually from the cost of maintaining and servicing your debit or ATM card.
Customers are required to pay a yearly maintenance fee of Rs 125, plus 18% GST, for each debit card issued by the bank. SBI took Rs 147.5 from client accounts because Rs 22.5 is 18% of Rs 125.
In addition, the bank charges Rs 300 plus GST to replace or modify a debit card. More financial institutions than SBI charge customers annually to maintain their debit/ATM cards. The majority of financial institutions, including ICICI, HDFC, and others, charge the same annual fee for debit cards.
The SBI website states, “W.e.f. On November 15, 2022, the Processing Fee for all Merchant EMI transactions will increase from Rs.99 to Rs. 199, plus any applicable taxes. W.e.f. On November 15, 2022, all rent payment transactions will be subject to a Rs.99 processing fee and any applicable taxes.
SBI used to charge a premium to its customers for renting and Merchant EMI transactions. Customers who use credit cards should be aware that the bank recently increased the cost of processing these kinds of transactions. The new fees went into effect on November 15, 2022.
