GST Impact: SBI Customers Will Have To Pay More Toward Banking Services
New Delhi: Customers of State Bank of India will have to shell out more money toward banking services as the country's bigget banker has revised rates on the services such as debit card, home loan processing fee, SMS alerts, issuing of cheque books, cash handling charges and locker rentals.
The bank decided to the revise rates since the services attract higher tax rates under the GST.
The new tax regime - the GST, brought in by the Narendra Modi-led BJP government came into effect earlier this month. All the financial services will be taxed under the GST against the earlier service tax rate of 15 percent.
The SBI will levy Rs 25 for withdrawing money from an ATM through State Bank Buddy. Three percent of tax will be levied for transferring funds from app SBI Buddy to savings bank account.
- Rs 5 plus tax for transferring Rs 1 lakh
- Rs 15 plus tax for above Rs 1 lakh and upto Rs 2 lakh
- Rs 25 plus tax for above Rs 2 lakh to Rs 5 lakh
- Rs 18+GST for a 10-leaf cheque book
- Rs 75+GST for a 25 leaf cheque book
- Rs 150+GST for 50-leaf cheque book
- RuPay classic cards will be issued for free
- New debit cards to charged from June 1
The bank will charge Rs 2 plus tax for exchange of soiled notes more than 20 in number, the whole amounting to Rs 5,000.
