SBI ATM Rule Change: Big news for SBI ATM card holders. The State Bank of India, which is the largest public sector bank in the country, has announced an important update for its salary package account holders. Starting October 1st, the bank will be reducing the limits on free withdrawals and other services at ATMs of other banks.
Free ATM transactions reduced from 10 to 5
Currently, SBI salary package account holders are allowed 10 free transactions each month at ATMs of other banks and Automated Deposit and Withdrawal Machines across India. However, beginning October 1st, this number will be cut down to just five transactions. The bank has made it clear that these five free transactions will encompass both financial and non-financial transactions. This means that cash withdrawals and other non-financial ATM services will count towards this five-transaction limit.
How much will be charged after the free limit is exhausted?
Even with the reduction in the free transaction limit, SBI has not raised the service charges that apply once the free limit is reached. The bank will continue to charge Rs 23 + GST for each cash withdrawal made from another bank’s ATM after the free limit is used up. Additionally, a fee of Rs 11 + GST will be applied for each non-financial transaction once the limit is exceeded.
No change for other account holders
SBI has clarified in its public notice that this new rule is specifically for salary package accounts. There will be no changes to the number of free monthly transactions or service charges for other types of accounts. For SBI debit card holders using SBI’s own ATMs or ADWMs, the free transaction limits and service charges will remain unchanged.
Cardless cash withdrawal will be completely free
SBI has also confirmed that there will be no alterations to the rules regarding cardless cash withdrawal transactions from SBI ATMs/ADWMs or those of other banks. The unlimited free cardless cash withdrawal service will continue as before.