All major lenders, including State Bank of India (SBI) allows a certain number of ATM transactions every month to its customers. Over and above these mandated number of free transactions, the customers are charged by the bank. However, maintaining a certain minimum balance in your account, you can do unlimited transactions at SBI ATMs and even at other bank ATMs. The Reserve Bank of India (RBI) has asked the banks to offer a certain number of free transactions to its customers in a month.
Here are 10 things to know about SBI ATM withdrawal charges:
1) SBI customers who have maintained a monthly average balance of up to ₹25,000 are allowed up to 5 transactions per month free of cost at SBI ATMs and 8 at other banks ATM, according to the bank’s website.
2) SBI customers maintaining a monthly average balance above ₹25,000 and up to ₹50,000 monthly average balance can do unlimited free transactions at SBI ATMs and 8 at other banks ATM, according to SBI website.
3) SBI customers maintaining a monthly average balance of above ₹50,000 and up to ₹1,00,000 can do unlimited transactions at SBI ATM and 8 at others.
4) Unlimited ATM transactions are allowed to customers maintaining a minimum average monthly balance of ₹1 lakh or more. Such customers can also do unlimited transactions at other bank ATMs.
5) For any financial transactions beyond the monthly limit at SBI ATMs, it charges ₹10 plus GST, according to the website.
6) For any financial transactions beyond the monthly limit at an ATM of another bank, SBI charges ₹20 plus GST.
7) For any non-financial transactions beyond the set limit at SBI ATMs, it charges ₹5 plus GST.
8) For any non-financial transactions beyond the monthly limit at an ATM of another bank, it charges ₹8 plus GST
9) SBI will charge ₹20 plus GST for transaction decline due to insufficient balance
10) SBI salary account holders at all locations, irrespective of variants, will get free, unlimited number of transactions at all SBI ATMs as well as other bank ATMs.
The Reserve Bank of India (RBI) has constituted a six-member committee to review the ATM interchange fee structure. RBI took the decision to set up the committee in view of the growing demands to review the ATM fee structure.