Why SBI is debiting Rs 147.5 from your savings account?

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You may have seen in your bank passbook, bank statement, or via SMS that the SBI has charged you Rs 147.5 out of your account. If you are thinking why the amount was deducted from your bank account, then you must read this article.

This amount is just a part of the annual maintenance/service fee for the debit/ATM card you have been using.

SBI provides a wide variety of debit cards to its clients, with the bulk being Classic/Silver/Global/Contactless cards. For these cards, the bank levies an annual maintenance fee of Rs 125. Now, you might be wondering why Rs. 147.5 was taken out of your account if the charge was just Rs. 125. This is due to the fact that this service cost is subject to an 18% GST. 18% of Rs. 125 = Rs. 22.5, thus. Now, Rs 125 + Rs 22.5 = Rs 147.5.

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The yearly maintenance fee is Rs 175+GST for Yuva / Gold /Combo / My Card (Image) Debit Card, Rs 250+GST for Platinum Debit Card, and Rs 350+GST for Pride/Premium Business Debit Cards. In addition to the service fee, the bank charges Rs 300 + GST if you want to replace or modify your debit card.

Also, the SBI Debit Card Annual Maintenance Charges is recovered at the beginning of the second year onwards.

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