State Bank of India: Rs 147 deducted from your SBI account? Here's why

If you have an account with State Bank of India (SBI) and have just received a notice stating that Rs 147.50 has been deducted from your account without your having initiated the transaction, you need not worry. Take notice that the bank has been taking this sum each year as part of the maintenance/service cost for your debit/ATM card.

For each debit card issued by the bank, consumers must pay a yearly maintenance fee of Rs 125 plus 18% GST. SBI took a total of Rs 147.5 from client accounts since 18% of Rs 125 is Rs 22.5.

The bank also charges Rs 300+GST to replace or alter a debit card. There are more financial institutions than SBI that cost customers money every year to keep their debit/ATM cards active. The yearly cost for a debit card is the same for most banks, including ICICI, HDFC, and others.

According to SBI website, “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. W.e.f. 15 Nov 2022, Processing Fee of Rs.99 + applicable taxes will be levied on all Rent Payment transactions.”

Also, READ: Microsoft job layoff 2023: Satya Nadella’s memo to employees say 10,000 job cuts planned by March

There was a time when SBI charged its clients a premium for renting and Merchant EMI transactions. Credit card customers should be aware that the bank has recently increased the processing charge for these types of transactions. As of November 15th, 2022, the new fees were implemented.