SBI, Canara Bank, Bank of Maharashtra again hit customers with hiked charges
Moneylife Digital Team 29 May 2017
Nationalised banks such as State Bank of India (SBI), Bank of Maharashtra and Canara Bank have hiked charges for several services or facilities provided to customers. These include increase in charges for chequebook issuance, signature verification, cash handling charges, withdrawals beyond stipulated numbers and card issuance charges. Interestingly, Bank of Maharashtra, in a communication issued to its officers and clerks, has asked them to levy these charges manually on a daily basis as the system is not doing the job!
 
For issuance of local chequebook, reconstitution of account, addition or deletion in account, change in mobile number, photo attestation and for sign verification, Bank of Maharashtra charges Rs115 from customers. For signature or photo verification, Canara Bank will be charging Rs150 per case of attestation from 1st July, as against the existing Rs100.
 
  
 
Many of these banks are simply following SBI in increasing service charges that directly add to their profits. For example, Canara Bank, which had no cash handling charges till now, will levy Rs50 to Rs2,500 for cash deposits beyond Rs50,000, from July onwards. These charges would be applicable across all its branches, cash deposit machines and kiosks. Canara Bank has also decided to levy Rs20 per transaction as declined charges at other bank ATMs when there are insufficient funds.
 
  
 
If a customer of Bank of Maharashtra wants to enquire about an old entry, she will have to shell out Rs230 if the period is beyond 12 months and Rs173 if the period is less than 12 months.
 
SBI,  has revised its service charges for basic savings bank deposit (BSBD) accounts, whereby the customer would be charged Rs30 for issuance of a 10-leaf chequebook. The bank would issue only RuPay classic card free of cost, while for all other cards the customer has to pay stipulated charges. For BSBD customers, SBI allows four free withdrawals per month, beyond which the customer has to pay Rs50 per transaction at branch, Rs20 at other branch ATMs and Rs10 at SBI ATMs. These charges exclude service tax and would be applicable form 1 June 2017.
 
 
The country’s largest lender has not spared even its own e-wallet users from this hike. Users of State Bank Buddy mobile app have to pay Rs25 per transaction for cash withdrawals from wallet balance through ATMs. If the customer uses the services of bank correspondent (BC) for depositing cash in her own wallet, she will have to pay a minimum Rs2 per transaction. For cash withdrawal of up to Rs2,000 from the same mode, the customer will have to pay a minimum Rs6 per transaction.  
 
 
Comments
Ramesh Poapt
5 years ago
customer....'cust'(hindi) se jo 'mar'(hindi) jata hai!
Natarajan Krishnan
5 years ago
State Bank of India charges are very high and not justified. They are charging annual maintenance charges for savings accounts and also for ATM separately though they are not issuing new ATM cards. So annual maintenance charges for ATM is not at all justified. They may charge if the minimum balance is not maintained, but cannot charge for issue of cheques as government is recommending bank transactions and discouraging cash transactions.
David M. Thangliana
5 years ago
Shameful (or is it shameless?)!!!
Omprakash Hundia
5 years ago
बैंको के बढते हुये चार्जेस
लगता है रिजर्व बैंक ने बैंको को विभिन्न बैंकिंग सेवाओं के लिये मनमाने चार्जेस लगाने की छुट दे दी हैं। आम आदमी और छोटे कारोबारीयों को सबसे ज्यादा मार पड रही हैं । माननीय मोदी के देश मे केशलेस ट्रांजेक्शन और मोबाईल बैंकिंग को बढावा देने की कोशिश को इससे जरुर धक्का लगेगा और बैंको मे जाने से लोग कतराने लगेंगे। रिजर्व बैंक और सरकार को चाहिये कि इस मामले मे विभिन्न व्यापारिक संगठनों और अन्य स्वयंसेवी संस्थाओ से राय ले और बैंको के एकतरफा आक्समिक और असामायिक निर्णयों पर रोक लगावे।

Mohan Dixit
5 years ago
thenwe have to hoard cash to save on cheqe books minimise ATMtransactions etcetc
Ramesh Poapt
5 years ago
npa writw off karna ahi aur haircut bhi bada karna baki hai bhai!
aur garib ki joru sabki bhabhi...
BISHNU PRASADA DASH
5 years ago
SBI is trying to bulldoze the opposition to its hike of charges. The Govt has to take responsibility to some extent. By Classifying SBI as TBTF bank the Govt has ensured that SBI become dominant. SBI Services are the worst. I really dont mind paying if the services are good (e.g. Pvt Banks). The Govt has ensured that SBI get a good business by directing all Govt Transactions to be done through SBI. Pension payments through Banks has to be through PSBs (SBI as usual gets the major share as TBTF). I think SBI will face a real hurdle if all these freebees (Govt Transactions, Pension payments) are allowed to be shifted to Banks providing better service.
BISHNU PRASADA DASH
5 years ago
SBI is trying to bulldoze the opposition to its hike of charges. The Govt has to take responsibility to some extent. By Classifying SBI as TBTF bank the Govt has ensured that SBI become dominant. SBI Services are the worst. I really dont mind paying if the services are good (e.g. Pvt Banks). The Govt has ensured that SBI get a good business by directing all Govt Transactions to be done through SBI. Pension payments through Banks has to be through PSBs (SBI as usual gets the major share as TBTF). I think SBI will face a real hurdle if all these freebees (Govt Transactions, Pension payments) are allowed to be shifted to Banks providing better service.
Hemant Dehadray
5 years ago
This is not only with respect to the banking transactions, but in case, if a security is sold, which is held in electronic form, then the bank levies certain charges for releasing the security which is highly ujustified as the bank in reality does not do any activity and can be compared to cheque sent for clearing and cleared thereafter. This matter should also be taken up with NSDL.
ishu sabar
5 years ago
This is not at all fair.. One time was dr when government asked every single person should have bank acc that too with zero balance and when now they are having, they increase the charges of every thing. Even for minimum balance. Y they don't go with there word.
Amit Anam
5 years ago
This is crowd funding to recover Mallya's loan
Hemant Dehadray
5 years ago
The banks are behaving like traditional zamindars, trying to squeeze to the maximum possible extent, as were prevalent in pre independence era.
MUKESH AGARWAL
5 years ago
Actually, Indians are well cheated as difference in wholesale price and retail price is so large that middleman are sucking the hardened money. The tur pulse in WM is 66/- per kg but in retail shop malls it is sold for 90 to 130 per kg. Same is 90% items even in medicine Rs. 10/- costing generic medicine is sold under brand name for Rs.70/-. The drinking water 1 L bottle Rs. 15/- retail price which is off course high as Whole sale it is 9/- is sold at market, railway station, bus station, pilgrimage places for Rs. 20/- and inside airport Rs. 40/- to Rs. 60/-. while we are also paying airport development fee. The taxi rate are double at airport than OLA rate for same distance and when sufficient customers are available. We are paying a lot for nothing and not crying?
lakkur vijayakumar
5 years ago
Simple exploitation by banks. Government should look in to it
MUKESH AGARWAL
5 years ago
Bank charges are nominal than the Government Charges on various services. Bank also do a lot of work for government for which no fee is paid by Govt to Bank. e.g. Opening of branches late and in holidays in last 4 days of FY for income tax deposits. We understand that more than 10 Crs is paid per bank as working on holiday and Overtime while IT is required to be paid online. Similarly for Mudra Camp, Jandhan yojna accounts, Aadhar Card Campaign, Atal pension , Bima yojna, DBT all is free by Bank to Government. So Bank have to survive . Bank charges only which is generally over use of Bank or default on part of customers.
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