OnlineSBI: ATM withdrawal rules: State Bank of India account holders must know this or they will lose money

OnlineSBI: After giving three months relaxation in ATM Money withdrawal rules during Coronavirus lockdown, the State Bank of India (SBI) changed its rules from 1st July 2020.

OnlineSBI: After giving three months relaxation in ATM Money withdrawal rules during Coronavirus lockdown, the State Bank of India (SBI) changed its rules from 1st July 2020. During this change, there are some charges that a customer will have to pay, in the case of a transaction beyond the set limit. Apart from this, the largest commercial bank in India will levy charges for non-financial transactions too.

According to the official website of the SBI — sbi.co.in, ATM users must know their SBI ATM transaction limit because SBI will charge a fee ranging from Rs 10 plus GST to Rs 20 plus GST for any additional financial transactions beyond the set limit. So, to prevent loss of money, it is better to know and follow these SBI ATM withdrawal rules.

SBI will charge a fee ranging from Rs 5 plus GST to Rs 8 plus GST for any additional non- financial transactions beyond the set limit. In case, the ATM transaction is declined due to the insufficient balance, there will be an additional charge being levied on the SBI customers now. SBI charges a fee of Rs 20 plus GST for transaction decline due to insufficient balance. So, if an SBI customer is not sure about account balance, it’s better to first check and then go for the transaction.

Free SBI ATM withdrawal limit
However, SBI continues to allow 8 free transactions to regular SBI savings account holders in a month. These include free transactions from 5 SBI ATMs and 3 ATMs of any other bank. There are 10 free ATM transactions in non-metro cities, out of which 5 transactions can be done from SBI, while 5 from other banks’ ATMs. SBI Savings account holders having an average monthly balance of more than Rs 1,00,000 in a bank account allow unlimited transactions at ATMs of State Bank Group (SBG) and other banks.

Cash withdrawal from SBI ATM with OTP
SBI has also changed the rules for withdrawing cash from ATM more than Rs 10,000. Now if you withdraw more than 10 thousand rupees from the ATM of SBI, then you will need OTP. This new facility has come into effect from 1 January 2020. Under this facility of the bank, the account holders will need OTP to withdraw cash from SBI ATM from 8 am to 8 am.

Source: www.zeebiz.com