As per the RBI policy, free ATM transactions at ATM are allowed to some extent and beyond this SBI is allowing free ATM transactions to all such customers who have maintained average balance over Rs. 25,000 in the savings account as on November.
Here are few things to know about ATM transaction or cash withdrawal at SBI Group ATMs:
1. A total of 8 ATM transactions on a monthly basis are allowed for free i.e. 5 at SBI Bank ATM and 3 at other bank's ATMs. This is applicable in case of metro cities. In non-metro cities a total of 10 ATM transactions are allowed free of cost in which 5 ATM transactions are allowed for free at SBI ATMs and 5 at other bank's ATMs.
2. For transactions beyond the prescribed limit, bank charges fee ranging between Rs. 5- Rs. 20 per transaction and applicable GST rate.
3. Those customers who maintain an average monthly balance of up to Rs. 25,000 are allowed in all a total of 10 transactions for free per month at SBG ATMs as per the bank's website, subject to fulfillment of some of the terms and conditions.
4. Also, customers who have maintained an average monthly balance of over Rs. 1 lakh in the previous month will be allowed unlimited transactions even at other bank ATMs.
5. Furthermore, irrespective of the average monthly balance maintained, salary account holders of SBI enjoy unlimited ATM transaction at SBG ATM plus other bank ATMs.
Also as an another important thing to note, SBI has reduced cash withdrawal limit for account holders with Maestro or Classic card to Rs. 20,000 from the earlier Rs. 40,000.