India’s largest public sector bank,State Bank of India (SBI) has revised its cash withdrawal rules from savings account. The new rules will come to effect from 1 July.
Earlier, in view of the coronavirus pandemic, SBI had waived service charges for all ATM transactions made on SBI ATMs as well as other bank ATMs on account of exceeding free number of transactions. But it has expired on June 30.
“In view of the announcement made by Finance Minister on 24th March, State Bank of India has decided to waive ATM charges for all ATM transactions made on SBI ATMs and other bank ATMs on account of exceeding free number of transactions up to 30th June,” the announcement was posted on SBI’s official website.
Here is all you need to know about SBI new ATM withdrawal limits and charges:
1) Account holders with upto 25,000 Average Monthly Balance (AMB) in their savings bank account will get eight free transactions, including five transactions at SBI ATMs and three transactions at other bank ATMs in six metro centres ( Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad). In non-metros, such account holders will get 10 free transactions, including five at SBI ATMs and five at others.
2) SBI account holders above Rs. 25,000 and up to Rs. 50,000 AMB will get 8 free transactions at other bank ATMs ( 3 in metros, 5 non-metros).
3) SBI will allow its customers maintaining an average balance of more than Rs. 25,000 in their savings accounts an unlimited transactions at State Bank Group (SBG) ATMs.
4) SBI account holders maintaining an average balance of above Rs. 50,000 and upto Rs. 1,00,000 will get 8 free transactions at other bank ATMs ( 3 in metros, 5 non-metros).
5) SBI will allow its customers maintaining an average balance of more than Rs. 1,00,000 in their savings accounts an unlimited transactions at SBG ATMs as well as other banks ATMs.
6) SBI will charge a fee ranging from Rs. 10 plus GST to Rs. 20 plus GST for any additional financial transactions beyond the set limit.
7) SBI will charge a fee ranging from Rs. 5 plus GST to Rs. 8 plus GST for any additional non- financial transactions beyond the set limit.
8) The bank will charge a fee of Rs. 20 plus GST for transaction decline due to insufficient balance.
9) SBI will allow one way inter-changeability for branch transaction on ATM transactions. It means a customer will be allowed maximum of 10 free debit transactions at 6 Metro centres at SBI ATMs and maximum 12 free debit transactions at other centre ATMs (If no transaction at other Bank ATM and no transaction at the branch)
10) For all salary accounts at all locations, SBI will offer free unlimited transactions at SBG ATMs and other bank ATMs.
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