SBI has changed the limit of withdrawing money from its ATMs and ATMs of other banks. Apart from this, changes have also been made in the policy of withdrawal limit on maintaining monthly average amount in the account. This rule will be applicable to all SBI customers.
State Bank of India (SBI) has made a major change in the withdrawal limit from ATM. The country’s largest public sector bank has made this change with the aim of simplifying the ATM charge structure and promoting digital banking, which will affect both financial and non-financial transactions at SBI and other bank ATMs. This rule will be considered effective from February 1, 2025.
SBI has changed the limit of withdrawing money from its ATMs and other bank ATMs. Apart from this, changes have also been made in the withdrawal limit policy on maintaining monthly average amount in the account. This rule will be applicable to all SBI customers. Now customers will get the facility of only 5 transactions per month from SBI ATM and 10 free transactions per month from other bank ATMs.
Facility of unlimited free transactions on 1 lakh
If the saving account holders maintain an average monthly balance between Rs 25,000 and Rs 50,000, then they will get the facility of 5 free transaction limit from other bank ATMs. On the other hand, if someone maintains a balance of up to Rs 100000, then he will get the facility of unlimited free transactions from SBI and other bank ATMs.
How much will SBI charge?
After exceeding the monthly limit of free ATM transactions, SBI will charge Rs 15 + GST per transaction on ATMs, irrespective of the location. For transactions at ATMs of other banks, this fee is Rs 21 + GST per transaction, which will also be applicable in other places of the country including metro cities. There will be no charge on SBI ATMs for balance inquiry and mini statement. However, a fee of Rs 10 and GST will be applicable on ATMs of other banks.
RBI has also asked to increase transaction charges
Apart from this, the Reserve Bank of India (RBI) has announced to increase the ATM transaction fee to Rs 23 per transaction from May 1, 2025. Last month, the Reserve Bank of India (RBI) announced that the maximum ATM withdrawal fee has been increased to Rs 23 per transaction after the increase in ATM interchange fee. According to the RBI announcement, this fee will increase if the free monthly limit is exceeded, which is more than the previous amount of Rs 21.
Banks’ earnings from ATM
According to the central government, State Bank of India (SBI) generates a good revenue from cash withdrawal from ATMs, while other public sector banks (PSBs) are not able to earn. SBI has reported a profit of Rs 2,043 crore from cash withdrawal from ATMs in the last five years, while nine PSBs have collectively incurred a loss of Rs 3,738.78 crore in the same period. This is in contrast to the losses reported by nine other public sector banks, with only Punjab National Bank and Canara Bank equaling SBI in earning profits from these services.
