State Bank of India (SBI) customers will have to pay Rs 60 per year for getting SMS alerts, a move which is likely to be followed by other public sector lenders.
Private sector banks ICICI and HDFC are already charging Rs 60 per year, excluding service tax, for sending special SMSes other than withdrawal and deposit alerts to its customers.
At present, service tax rate is 12 per cent and education cess is 3 per cent of the service tax amount.Kotak Mahindra Bank charges Rs 25 per quarter for SMS alerts and updates.
Private sector banks ICICI and HDFC are already charging Rs 60 per year, excluding service tax, for sending special SMSes other than withdrawal and deposit alerts to its customers.
At present, service tax rate is 12 per cent and education cess is 3 per cent of the service tax amount.Kotak Mahindra Bank charges Rs 25 per quarter for SMS alerts and updates.
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