SBI New ATM Transaction Rules: The country’s largest public sector bank, State Bank of India (SBI), has changed the ATM transaction charges and free transaction limits for its customers.
These new rules will come into effect from February 1, 2025. SBI aims to simplify the fee structure and promote digital banking through this amendment. Under this, now both financial and non-financial transactions on ATMs of SBI and other banks will be affected.
How many free transactions will you get now?
As per the new SBI policy, all savings account holders will get 5 free transactions per month at SBI ATMs and 10 free transactions per month at other bank ATMs. However, the free limit at other bank ATMs has been reduced for certain balance categories.
- Customers maintaining an average monthly balance of ₹25,000 to ₹50,000 will now get only 5 free transactions at ATMs of other banks.
- The same limit will apply to customers with balances between ₹50,000 and ₹1,00,000.
- Those having balance of more than ₹ 1 lakh will continue to get unlimited free transactions.
Charges will be levied for transactions exceeding the limit
If you transact beyond your free limit, a charge of ₹15 + GST will be levied at SBI ATMs and ₹21 + GST per transaction at other bank ATMs, be it metro or non-metro.
Charges on non-financial transactions
- Transactions like balance enquiry, mini statement etc will be available without any charges at SBI ATMs even after the free limit.
- But if you avail these services from any other bank’s ATM, you will have to pay ₹10 + GST per transaction.
Cashless financial transactions (like trust donations etc.) are free at SBI ATMs, but these are not available at ATMs of other banks.
Declined transaction charges in case of insufficient funds
If there is not enough balance in your account and the transaction fails, a penalty of ₹20 + GST will be charged. There has been no change in this and with this the Reserve Bank of India (RBI) has decided to increase the ATM interchange fee from May 1, 2025, due to which SBI customers will have to pay ₹23 per transaction on additional transactions, which was earlier ₹21.
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