SBI fixes limit for fund transfer via phone banking, levies GST on ATM transactions

Mumbai: In a bid to encourage digital payments, the country’s largest lender has raised the limit of fund transfer through mobile phone banking.

In a post on the social media platform Twitter, State Bank of India (SBI) said that customers can transfer up to Rs 25,000 into their own accounts, daily, through the bank’s mobile phone banking services.

The daily limit for fund transfer to a third party’s account is Rs 10,000, the bank said.

While the monthly limit for fund transfer to a third party account is Rs 50,000, that to personal account has no limit.

Moreover, fund transfers above Rs 5,000 will require a one-time password.

ATM transactions:

SBI has said that savings bank customers in metro cities will get eight ATM transactions – five from SBI ATMs and three from non-SBI ATMs free. Savings bank customers in non-metro cities will get 10 free ATM transactions, five each in SBI and non-SBI ATMs.

All transactions exceeding the free-limit of ATM transactions will attract a charge of Rs 20 coupled with 18 per cent GST. This taxation will be levied even if transactions get declined due to insufficient transaction. Cardless transactions at ATMs will attract GST plus Rs 22.

SBI’s BSB account holders or Basic Savings Bank Account holders will get four ATM transactions free per month. On crossing this limit, thet wil be charged Rs 50 plus tax for withdrawal at SBI branches, Rs 20 plus tax at other bank ATMs and Rs 10 plus tax at SBI ATMs.