India’s largest lender State Bank of India (SBI) has come out with details on its website regarding revison of service charges with effect from 1st October. The bank allows free transactions to its customers at ATMs for 8-10 times in a month. Over and above these mandated number of free transactions, SBI charges a certain amount to its customers. Effective 1st October, SBI will also charge for transaction decline due to insufficient balance and cardless cash withdrawal at ATMs.
Five things to know about SBI ATM withdrawal charges:
- Regular savings bank account holders get eight free transactions, including five transactions at SBI ATMs and three transactions at other bank ATMs. In non-metros, such account holders get 10 free transactions, including five at SBI ATMs and five at other bank ATMs.
- SBI charges a fee ranging from ₹5 plus GST to ₹20 plus GST for any additional transactions beyond this limit.
- Effective 1st October, SBI will charge ₹20 plus GST for transaction decline due insufficient balance
- SBI will also charge ₹22 plus GST for cardless cash withdrawal at ATMs.
- For all salary accounts at all locations, SBI offers free unlimited transactions at State Bank Group (SBG) ATMs and other bank ATMs.
However, maintaining a certain minimum balance in your account, you can do unlimited transactions at SBI ATMs and even at other bank ATMs. The bank currently allows unlimited free transactions at State Bank of India Group (SBG) ATMs to its customers who have maintained a monthly average balance above ₹25,000 in their savings bank account in the previous month.