Penalty for failure of transaction with low balance
If your transaction fails due to less money in your bank account, then you will have to pay the fine. This rule of ATM transaction has come into force. Therefore, know the balance of your account by withdrawing money.
SBI customer will have to pay Rs 20 fine
SBI customer will have to pay Rs 20 fine for failing the transaction due to insufficient balance. GST will also be applied on this.
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These banks are more fine than SBI
HDFC Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank and ICICI Bank are recovering fine of Rs 25 on failure of transaction on low account balance.
Follow this method to avoid fine
Most banks offer the facility of checking account balance through SMS and calls. If you do not remember how much money is in the account, then you can use this facility before going to the ATM. You can also use UPI app to check account balance.
Charge even after checking balance in other bank ATMs
You may have to pay a charge after making a balance check at another bank’s ATM. Currently, most banks offer 5 to 8 transactions to customers of other banks. These include non-financial transactions as well. Therefore, if you have used this facility, do not check the balance in other bank ATMs. SBI charges 8 rupees on non-financial ATM usage after the prescribed limit. This GST also seems.
