From June 1, SBI will charge for withdrawal from bank branches and ATMs. The banks will also charge for changing torn and damaged notes from branches. Other financial services will also get dearer. The government has also decided to exact 5% TDS for those who pay more than Rs 50,000 per month. The money will be deducted at the source. Here are a few answers to your confusions.
How much money will be deducted? Four transactions will be free. After that, the bank will charge Rs 50 service tax per transaction. From ATMs of other banks, SBI will charge Rs 20 per transaction. From SBI ATMs, the bank will charge Rs 10 per transaction. Even the online services will not be free. IMPS, UPI, and IUSSD transactions above Rs 1 lakh will be charged Rs 5. From Rs 1 lakh to Rs 2 lakh, Rs 15 will be charged. And from Rs 2 lakh to Rs 5 lakh, Rs 25 will be charged apart from service tax. If you want to exchange bank notes, money would be charged after the transaction of Rs 5000.