The customers of the country’s largest bank, State Bank of India (SBI), will have to pay a fine for all failed transactions due to insufficient funds in their accounts. According to the official website of SBI, SBI customers will have to pay GST along with a fine of Rs 20 if the withdrawal from the ATM fails if there is not enough money in the account.
Eight transactions a month free
for the people living in metro cities. Regular savings account holders of SBI residing in metro cities can withdraw free from ATMs only eight times in a month. These include withdrawals from SBI ATMs five times and ATMs of any other bank thrice. Customers crossing each withdrawal limit will have to pay a fee for each withdrawal.
As per the rules up to 10 withdrawals in non-metro cities , SBI has given its customers in non-metro cities 10 free withdrawals from ATMs. Of these, five withdrawals can be done from SBI ATMs, while five from ATMs of any other bank. After this, a fee will have to be paid on each withdrawal.
Also Read: Premature withdrawal of bank fixed deposit (FD) will attract some penalty, click to avoid it
OTP required for more than 10,000 withdrawals
It is known that OTP is required to withdraw Rs 10,000 or more from SBI ATM. This new facility was introduced on January 1, 2020, under which the cardholder can withdraw money with the help of one OTP i.e. One Time Password. The service is available 24 hours at all ATMs of the bank. Despite the stringent regulations of the Reserve Bank of India (RBI), banks are often fraudulent. Fraudsters find some way to rob the common people. Keeping in mind the increasing fraud, State Bank of India (SBI), the country’s largest state-run bank, launched a new facility for its customers.
