Last Updated: January 20, 2023, 11:55 IST
Don’t worry if you notice that your State Bank of India (SBI) account has been debited by Rs. 147.50 lately even if you haven’t made any transactions. Account holders should be aware that the bank has been taking this sum out of their account as part of the annual maintenance/service fee for the debit/ATM card they use.
For a variety of debit cards that its clients use, the bank levies an additional 18% GST on top of the annual maintenance cost of Rs 125. 18% of Rs 125 is Rs 22.5, hence SBI deducted Rs 147.5 from the accounts of its clients.
In addition to the service fee, the bank will charge you Rs 300+GST if you want to replace or modify your debit card. The debit/ATM card has an annual maintenance cost, and SBI is not the only bank that does so. Debit cards are subject to similar or lower yearly fees from other banks like ICICI, HDFC, and others.
SBI had earlier in the month requested additional money from its customers for rent payments and merchant EMI transactions. It is noteworthy that the bank had changed the processing fee for customers using credit cards on these types of transactions. The new fees started to apply on November 15, 2022.
“As of November 15, 2022, the processing fee for all merchant EMI transactions will increase to Rs. 199 + applicable taxes from Rs. All rent payment transactions starting on November 15, 2022, would be subject to a processing fee of Rs.99 plus any relevant taxes, according to the SBI website.
Other banks also charge annual maintenance charges:
For PNB, some debit cards have a membership cost of Rs 250 and annual fees as high as Rs 500. For PNB debit cards, the replacement cost is 150.
For the HDFC bank, debit card membership and annual fees range from 200 to 750, and card replacement costs are roughly 200.
For some debit cards from ICICI Bank, membership fees can be as high as 1,999 rupees. The debit card’s annual fees range from Rs 99 to Rs 1499. For the duplication or regeneration of a PIN, all banks charge 50.
Read all the Latest Business News here