The State Bank of India (SBI) will revise its ATM withdrawal and other service charges starting October 1st. If you are an SBI customer, here are the changes you need to be aware of.
1) ATM withdrawal rules:
For customers who have an average monthly balance (AMB) of up to Rs 25,000 in their savings account, the bank has decided to allow up to five free ATM transactions at its own ATMs and eight free transactions at other ATMs per month.
Those with AMB above Rs 25,000 and up to Rs 1,00,000 can enjoy unlimited transactions at its own ATMs and eight at other banks' ATMs.
Customers who have over Rs 1,00,000 AMB in their current account, can enjoy unlimited transactions in both SBI and other banks' ATMs.
If you carry out any transaction that exceeds the monthly limit at SBI ATMs, you will be charged Rs 10 plus GST. SBI will charge you Rs 20 plus GST if you cross the withdrawal limit at other banks' ATMs.
If you do any non-financial transaction in SBI ATMs, such as checking your balance, changing the PIN etc, the bank charges Rs 5 plus GST and for other banks' ATMs, you will be charged Rs 8 plus GST.
A charge of Rs 20 plus GST will be levied on your account for transactions declined due to insufficient balance.
If you have your salary account with SBI, then you will get free, unlimited transactions at all SBI as well as other bank ATMs.
2) Non-maintenance of average monthly balance (AMB):
The bank has divided its accounts into three different categories - metro and urban centre branches, semi-urban centre branches and rural centre branches. Depending upon which category your account falls in, your AMB will be determined.
Metro & urban centre branches (AMB of Rs 3,000)
|Less than or equal to 50 per cent||Rs 10 + GST|
|50 to 75 per cent||Rs 12 + GST|
|More than 75 per cent||Rs 15 + GST|
Semi-urban branches (AMB of Rs 2,000)
|Less than or equal to 50 per cent||Rs 7.50 + GST|
|50 to 75 per cent||Rs 10 + GST|
|More than 75 per cent||Rs 12 + GST|
Rural centre branches (AMB of Rs 1000)
|Less than or equal to 50 per cent||Rs 5 + GST|
|50 to 75 per cent||Rs 7.50 + GST|
|More than 75 per cent||Rs 10 + GST|
3) RTGS and NEFT transactions
You will not be charged for RTGS and NEFT transactions that you do online. However, if they are done at the branch, you will be charged.
RTGS at your branch
|Rs 2 lakh and Rs 5 lakh||Rs 20 + GST|
|Above Rs 5 lakh||Rs 40 + GST|
NEFT at your branch
|Up to Rs 10,000||Rs 2 + GST|
|Between Rs 10,000 and Rs 1 lakh||Rs 4 + GST|
|Between Rs 1 lakh and Rs 2 lakh||Rs 12 + GST|
|Above Rs 2 lakh||R 20 + GST|
4) Cash deposits
In a month, you will be allowed to make three cash deposits for free at your SBI branch. After that, you will be charged Rs 50 plus GST per transaction.