SBI reverts to regular ATM withdrawal charges, here's what has changed

Source :Sify
Author :Sify
Last Updated: Fri, Jul 3rd, 2020, 01:38:33hrs

Mumbai: State run lender - State Bank of India has revised the ATM withdrawal policy. From July 1 onwards the bank will revert to regular withdrawal limits, ATM transactions. Deposit holders will have to maintain minimum balance in their accounts.

During the months of April, May and June, SBI had offered several leeways to its customers. Some of them were free withdrawals at any ATM and no requirement to maintain minimum balance.

The bank had revised its ATM withdrawal policy to meet a Finance Ministry directive to offer relief to bank customers for the months of April, May and June. The directive expired on June 30 and accordingly the bank has reverted back to the old policy.

Accordingly, here's the new policy:

Charges on ATM Transactions: The charges on ATM transactions varies from the Average Monthly Balance.

• AMB of Rs 25,000 For customers in metropolitan locations of Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad - 8 free transactions - 5 at SBI ATMs and 3 at non-SBI ATMs. In the case of customers from non-metros there's 10 free transactions - 5 at SBI and the rest at non-SBI.

• AMB of Rs 25,001 to Rs 1 lakh Unlimited withdrawals at SBI group ATMs. 3 free transactions in metropolitan non-SBI ATMs and 5 in non-metros is allowed.

• AMB more than Rs 1,00,000 Transactions are unlimited across SBI and non-SBI ATMs.

• Salary Accounts: Free unlimited transactions at SBI Group ATMs and other banks.

* Interchangeability: One-way interchangeability for branch transactions is allowed. It essentially means that the bank will allow customers for a maximum of 10 free debit transactions from metro locations at SBI ATMs and maximum 12 free debit transactions at other ATMs.

Beyond Free Transactions: The bank will levy the following charges after expiry of free transactions. The charges are exclusive of 18 percent GST.

Rs 10 to Rs 20 on every financial transaction

Rs 5 to Rs 8 on non-financial transactions.

Rs 20 for transactions declined due to insufficient funds.