State Bank of India: Has Rs 147 been deducted from your SBI account as well? So know why the deduction happened!

State Bank of India: Has Rs 147 been deducted from your SBI account as well? So know why the deduction happened!

If you have an account with the State Bank of India (SBI) and you have just received a notification that Rs 147.50 has been deducted from your account without you having initiated the transaction, then you need not worry.

Note that the bank has been charging this amount every year as part of the maintenance/service cost of your Debit/ATM card.

For each debit card issued by the bank, consumers will have to pay an annual maintenance fee of Rs 125 and 18% GST. SBI took a total of Rs 147.5 from customers' accounts as 18 percent of Rs 125 is Rs 22.5.

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

There was a time when SBI used to charge a premium from its customers for rental and merchant EMI transactions. Credit card customers should be aware that the bank has recently increased the processing charge for such transactions. The new fees have been implemented since November 15, 2022.