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SBI's ATM Withdrawal Rules With Effect From 1 July
With effect from 1 July 2020, the State Bank of India (SBI) has revised its ATM withdrawal rules. As per the announcement by the Finance Ministry, banks had allowed free cash withdrawals at any ATM for a period of 3 months as relief amid coronavirus pandemic. The relief expired on 30 June.
During the months of April, May and June, savings bank account holders were also not required to maintain a minimum balance in their accounts.
From 1 July the regular limits and charges will apply to ATM transactions as well as on non-maintenance of minimum balance in the account.
If you are an SBI customer, here are ATM transaction changes to note w.e.f 1 July:
- Account holders with up to Rs 25,000 Average Monthly Balance (AMB) in their savings bank account will get 8 free transactions: 5 at SBI ATMs and 3 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: 5 at SBI ATMs and 5 at others.
- Account holders with above Rs 25,000 and up to Rs 1 lakh AMB can make unlimited withdrawals at State Bank Group (SBG) ATMs. As for transactions at other bank ATMs, 3 free transactions are allowed in metros and 5 free transactions in non-metros.
- SBI savings account holders with AMB of more than Rs 1 lakh will get unlimited free transactions at SBG ATMs as well as other banks ATMs.
- For all salary accounts at all SBI branch locations, free unlimited transactions will be allowed at SBG ATMs and other bank ATMs as well.
Charges on exceeding free transaction limits:
- Rs 10 plus GST to Rs 20 plus GST for financial transactions.
- Rs 5 plus GST to Rs 8 plus GST for non-financial transactions.
- Rs 20 plus GST for transaction decline due to insufficient balance.
- GST will be charged at 18 percent.
SBI will also allow one-way inter-changeability for branch transaction on ATM transactions which means that a customer will be allowed maximum of 10 free debit transactions at 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).
