SBI ATM Rules Change: As October begins, there are several changes in rules concerning banking, LPG, UPI, NPS, income tax, and railways. Some of these modifications have already taken effect on October 1st, while UPI’s new MDR rule will be implemented on October 15th. It is essential to stay informed about these changes if you hold a bank account, use LPG, have investments in NPS, or frequently travel by train, as they can impact your finances directly. Today we will discuss about Changes in SBI ATM withdrawals.
Changes in SBI ATM withdrawals
For State Bank of India salary package account holders, the number of free transactions at other banks’ ATMs has been reduced from 10 to 5 starting from October 1. This includes both financial and non-financial transactions. Once the five free transactions are used up, a fee of Rs 23 + GST will be charged for cash withdrawals and Rs 11 + GST for non-financial transactions at other banks’ ATMs.
On the other hand, the first four cash withdrawals per month from a Basic Savings Bank Deposit (BSBD) account are free. Subsequently, a fee of Rs 15 + GST will be applied for each cash withdrawal. This charge is only applicable to cash withdrawals, and digital transactions are exempt from this fee.
The rules for SBI salary account holders are also changed from today. The free transaction limit available with debit cards at other banks’ ATMs and Automated Deposit and Withdrawal Machines (ADWMs) is being reduced. Salary account customers will now be able to make only five free transactions per month at other banks’ ATMs and ADWMs. Previously, this limit was 10 transactions.
What are the charges after 5 transactions?
After the free limit is exhausted, the sixth and subsequent financial transactions will incur a fee of Rs 23 per transaction plus GST. Non-financial transactions will cost Rs 11 plus GST. Therefore, SBI customers should monitor the number of monthly transactions when using ATMs starting October 1st.