State Bank of India (SBI) offers a fixed number of ATM transactions free of cost every month to its customers. SBI account holders are charged for transactions at ATMs over and above these mandated number of free transactions. The bank currently allows unlimited free transactions at State Bank of India Group (SBG) ATMs to its customers who have maintained an average balance above Rs 25,000 in their savings bank account in the previous month. The Reserve Bank of India (RBI) has instructed top lenders in the country to offer a certain number of free ATM transactions in a month.
SBI has reduced the daily cash withdrawal limit for account holders who have Classic and Maestro debit cards with effect from 31 October 2018. The daily cash withdrawal limit on SBI Classic and Maestro debit cards was reduced to Rs 20,000 from Rs 40,000.
Here are 5 things to know about SBI ATM transactions:
1. Regular savings bank account holders get eight free transactions (5 at SBI ATMs and 3 at ATMs of other banks) in metro cities and ten free transactions in non-metro cities (5 at SBI and 5 at other banks) in a month.
2. SBI charges a fee ranging from Rs 5 (plus GST) to Rs 20 (plus GST) for any additional transaction beyond these limits.
3. SBI customers having maintained a monthly average balance of up to Rs 25,000 are allowed up to 10 transactions per month free of cost in SBG ATMs subject to certain conditions, according to the bank’s website (sbi.co.in).
4. SBI customers maintaining a monthly average balance above Rs 1 lakh in the month gone by are allowed unlimited free transactions at ATMs of other banks…..Read More>>