New cash withdrawal norms from SBI for ATMs
Posted on: 14/Dec/2018 3:02:27 PM
State Bank of India (SBI) sets new norms for ATM withdrawals to specific customers. SBI devises monthly a fixed number of transactions for the customers without any service charges. Account holders who exceed the limit of the transactions will be charges an extra fee of Rs 5 and above depending on the number of withdrawals. With the new norms SBI provides unlimited free transactions for State Bank of India Group (SBG) to the savings bank account customers who maintain an average balance above Rs 25,000 in the previous month. Apart from this Reserve Bank of India (RBI) ordered to offer solid number of free ATM transactions every month for the customers.
Daily cash withdrawal limits were also slashed by SBI for Classic and Maestro debit card account holders. The limit for withdrawal was reduced from Rs 40,000 to Rs 20,000 from October 31, 2018. Before carrying out the ATM transactions you must know some basic things as a clarification for withdrawals.
There are eight free transactions for regular savings bank account holders, 5 at SBI ATMs and 3 at other bank ATMs, for metro cities. Ten free transactions prevails for non-metro cities (5 SBI ATM transactions and 5 other bank ATM transactions).
SBI collects a fee of RS 5 plus GST to Rs 20 plus GST for the transactions exceeding beyond the free limits.
Customers with average balance of Rs 25,000 will be allowed for up to 10 transactions at SBG ATMs with limited conditions.
For those customers who maintain an average balance of Rs 1 lakh in the previous month SBI provides unlimited free transactions for all ATMs of other banks. Also SBI provides free number of withdrawals at SBG ATMs and for other banks dealt with salary accounts.
