sbi buddy

ATM withdrawals via SBI e-wallet

With an aim to facilitate the customers, the State Bank of India has introduced a new system, where they can withdraw the cash of ATMs through mobile wallet. Yes, it is true.

But, the bank is going to charge Rs. 25 on every cash withdrawal that happened through the mobile wallet. In a statement released by the State Bank of India, they have mentioned that they didn’t increase Rs. 25 on every ATM transaction.

Speaking to media, SBI MD Rajnish Kumar shared that this Rs. 25 service charge is not applicable to the regular ATM transaction and that too happened in between the savings accounts.

He stated that if any of their customers has money in the SBI Buddy, mobile wallet, then they can withdraw the money through ATM, but Rs. 25 service charge will be applicable on every those kind of transactions. From now, they can also deposit or withdraw cash through the business correspondent (BC) that present in the mobile wallet.

They can deposit an amount of Rs. 1000 into the mobile wallet through this BC option. But SBI will levy a service charge of 0.25% which mean a minimum of Rs. 2 and a maximum of Rs. 8 and also service charge. If you want to withdraw the cash up to Rs 2,000 through this mobile wallet 2.50% of duty charge will be levied on each transaction. It means Rs. 6 and in addition to service tax.

This will be available from June 1st, and also Kumar revealed that the bank would impose 3% service charge if you want to do instant funds transfer using IMPS though SBI buddy to the bank account.

He also gives clarification to the media reports that were circulating about hiking the ATM Charges to Rs. 25, Kumar said that it is not true and a new circular will be released soon. “Cash withdrawals from ATMS won’t be charged for a standard savings account, and there might be some errors in the circular. So, a new circular will be issued soon, with all these details.”

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