SBI customers who regularly use ATMs have some updates to note. Starting February 1, 2025, SBI will implement new guidelines for cash withdrawals and balance inquiries across all ATMs. From this date, every customer, whether in a bustling city or a quiet village, will enjoy the same monthly free transaction limits.
You can look forward to 5 free transactions per month at SBI ATMs and 10 free transactions at ATMs belonging to other banks, which adds up to 15 free transactions monthly without any charges. If your account maintains an average balance of Rs 1 lakh or more, you’ll receive unlimited free transactions.
If you exceed the free transaction limit, there will be a fee of Rs 15 plus GST at SBI ATMs and Rs 21 plus GST at ATMs of other banks. However, transactions for checking your balance or obtaining a mini statement at SBI ATMs will still be free. At other bank ATMs, these inquiries will incur a charge of Rs 10 plus GST.
Here’s a quick overview of your free transaction limits:
– 5 free transactions at SBI ATMs each month
– 10 free transactions at other bank ATMs each month
This means you will have access to a total of 15 free transactions monthly.
For accounts maintaining an average monthly balance above Rs 1 lakh, enjoy unlimited free transactions.
Please note that if your account balance is low and a transaction fails, SBI will impose a penalty of Rs 20 plus GST, a policy that is already in place and unchanged.
The new RBI regulations will come into effect on May 1, 2025. After this date, withdrawing cash from ATMs beyond the free limits could lead to charges of up to Rs 23 per transaction. Therefore, it’s wise to keep an eye on your transaction limits to avoid unnecessary fees. SBI’s approach aims to promote digital banking, and customers making use of UPI, internet banking, or mobile applications won’t face any additional charges, allowing for savings in both money and time.