Unlock Unlimited ATM Withdrawals: The country’s largest public sector bank, State Bank of India (SBI), has increased the ATM transaction charges and the limit of free ATM usage for its customers. These new rules of the bank will be considered effective from 1 February 2025.
Table of Contents
Unlock Unlimited ATM Withdrawals
SBI has changed the limit on withdrawing money from its ATMs and the ATMs of other banks. In addition, changes have been made in the withdrawal limit policy regarding maintaining the monthly average amount in the account. This rule will apply to all SBI customers.
The bank has decided to streamline the fee structure and promote digital banking. Due to this, both financial and non-financial transactions will be affected at SBI and other bank ATMs. New rule: Customers with a balance of Rs 1 lakh will get unlimited free transactions
Unlock Unlimited ATM Withdrawals Policy
Under the new policy, all metro or non-metro customers can now do 5 free transactions from SBI ATMs and 10 free transactions from other bank ATMs every month.
- Customers maintaining an average monthly balance (AMB) between Rs 25,000 and Rs 50,000 will get 5 free transactions at other bank ATMs.
- Account holders maintaining an average monthly balance of more than Rs 1 lakh will get unlimited free transactions at both SBI and other bank ATMs.
After the Free Monthly ATM Transaction Limit, ₹15 + GST will be charged.
After the monthly free ATM transaction limit is exhausted, a charge of Rs 15 + GST (metro or non-metro) will be levied for every transaction at SBI ATM. After the monthly free ATM transaction limit of other banks is exhausted, a charge of Rs 21 + GST (metro or non-metro) will have to be paid for every transaction at the ATM.
There will be no charge for balance enquiry and mini statement at SBI ATMs even after the free limit is exhausted. However, a charge of Rs 10 + GST will be applicable for balance inquiries and mini-statements at ATMs of other banks after the free limit. Change in ATM service charge SBI has now also increased the ATM service charge. If you use SBI ATM after your free transaction limit, the bank will charge Rs 15 + GST. At the same time, this charge will be Rs 21+.
Unlock Unlimited ATM Withdrawals: GST at ATMs of Other Banks
If the ATM transaction fails due to insufficient funds in your savings account, a penalty of Rs 20 + GST will be charged. From May 1, 2025, SBI customers will have to pay an ATM withdrawal fee of Rs 23 per transaction after exceeding their free monthly limit.
Banks’ Earnings from ATM
According to the central government, the State Bank of India (SBI) generates a good amount of revenue from cash withdrawal from ATMs, while other public sector banks (PSBs) are not able to earn. SBI has recorded a profit of Rs 2,043 crore from cash withdrawals from ATMs in the last five years. Only Punjab National Bank and Canara Bank are at par with SBI in earning profits from these services.
Jay Chavda He is the Founder and Writer of businesspulsecare.com. He is an I.T Engineer, Freelancer, Businessman. He posts Business, Stock/Share Market, Finance Related News and updates on the website. 🔗