Rs 147.5 Debited From Your SBI A/c? Know Why Money Was Deducted From Your Savings A/c

New Delhi: Nearly all banks charge a certain amount of money as the yearly maintenance charge of debit cards. However, the fees for various account kinds vary as well. To put it another way, you won't pay the same amount for having a gold card as you would for having a platinum card.

State Bank of India offers its customers a host of debit cards -- Classic/Standard, Platinum, Gold and other Select card. While the charge for Enrolment Fee and Activation/Membership Classic /Silver/Global/Contactless Debit Card Fee is NIL, the Annual Fee is different for each of them. 

You may have seen in your passbook, bank statement, or via SMS that the SBI has charged you Rs 147.5 out of your account. If you are wondering why was the amount deducted from your bank account, do note that you were charged as part of the annual maintenance/service fee for the debit/ATM card you have been using. 

It is pertinent to mention that 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. 

It should be mentioned that 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.