Changed rules regarding withdrawal limit from SBI ATMs, find out what has changed

New delhi date. 17 August 2020, Monday

The bank has tweaked State Bank of India's account holders. SBI has changed the rules for withdrawing money from ATMs. According to the changed rules, the account holder will now be penalized for exceeding the free transaction limit. Not only that, there is also a penalty for failing transactions due to lack of money in the account. This rule has been in force since July 1, 2020.

For metrocity

SBI offers 8 free transactions from ATMs in the metro city. There is no charge for withdrawing money from ATMs 8 times a month. But if it exceeds that, it will be fine. In Metro City, 5 transactions can be done from SBI's ATMs and 3 transactions can be done using ATMs of other banks. Metro cities include Mumbai, New Delhi, Chennai, Calcutta and Hyderabad.

For non-metrocity

In non-metrocity, the account holder can transact 10 times for free from the ATM. In which 5 times SBI and 5 times other bank's ATM will be able to use. Upon crossing this limit, the bank may charge you a GST charge ranging from Rs 10 to Rs 20.

There is no money in the account and there will be a penalty for using an ATM

According to another amended SBI rule, if there is no money in the SBI account holder's account, the account holder will have to pay a penalty if the money is withdrawn from the ATM and the transaction fails. The bank will charge a fine of Rs 20 and GST for it. This means you will not have money in your account and will be penalized for using an ATM.

OTP mandatory for withdrawals above Rs 10,000

Apart from this, if you withdraw more than Rs 10,000 from an SBI ATM, your mobile will get OTP. The money can be withdrawn only after adding it in the ATM. OTP will be required to withdraw cash from SBI ATMs from 8 pm to 8 am. OTP is not required if you withdraw money from any other ATM.

News of relief for SBI customers

There is an unlimited transaction facility for a savings account with an average balance of over Rs 1 lakh per month. This means that if you have Rs 1 lakh in your account, you can make any number of transactions from ATMs.

Apart from this, SBI has stopped charging for SMS alerts. This means that the account holder does not have to pay any kind of charge for the SMS alert.