State Bank of India (SBI) has revised the ATM cash withdrawal rules and from now its customers will have to pay some charges for failed ATM transactions due to insufficient balance. This means SBI account holders will have to pay an extra amount as a penalty for all unsuccessful transactions due to insufficient fund in the account.
According to the SBI official website, the bank will charge a fee of Rs 20 plus GST for transaction decline due to insufficient balance. Apart from this, the largest commercial bank in India will levy charges for non-financial transactions too. As per the information available on the official website of the State Bank of India (SBI), SBI debit cardholders must know their SBI ATM transaction limit because the bank will charge a fee ranging from Rs 10 plus GST to Rs 20 plus GST for any additional financial transactions beyond the set limit.
So, to prevent loss of money, it is better to know and follow these SBI ATM withdrawal rules. SBI ATM users can keep a tab on account balance as there are several options like missed call and SMS facility which allows customers to keep track of the balance in their savings account. Top banks like ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank and others charge a failed ATM transaction fee owing to insufficient balance in your account.
SBI ATM cash withdrawal with OTP: Also, for withdrawing cash from ATM more than Rs 10,000, SBI debit cardholders will require One Time Password (OTP). If SBI ATM users withdraw over Rs 10,000 from ATM of SBI, they will have to enter OTP, sent on registered mobile number, along with their debit card PIN each time. This new facility has come into effect from 1 January 2020. Under this facility of the bank, the account holders will need OTP to withdraw cash from SBI ATM from 8 am to 8 am.
SBI Free ATM transactions: SBI allows 8 free transactions to its regular savings account holders in a month in the metro cities. These include free transactions from 5 SBI ATMs and 3 ATMs of any other bank. Ten free ATM transactions from non-metro cities in which 5 transactions can be made from SBI, while 5 from other banks ATM, according to the SBI website.