New Delhi,: The State Bank of India (SBI) has revised its ATM transaction charges and free usage limits for customers. These new rules came into effect from February 1st this year. The changes aim to streamline fee structures and promote digital banking. Consequently, financial and non-financial transactions at SBI and other banks’ ATMs will be impacted.
Key Highlights of the New Rules:
Unlimited Free ATM Transactions:
Customers maintaining a monthly average balance of Rs 1 lakh or more in their SBI account will now enjoy unlimited free ATM transactions at both SBI and other bank ATMs (metro and non-metro locations).
Standard Monthly Free Limits (if balance is below Rs 1 lakh):
SBI ATMs: 5 free transactions per month
Other Bank ATMs: 10 free transactions per month
Transaction Charges After Free Limit Exceeds:
SBI ATMs: Rs 15 + GST per transaction
Other Bank ATMs: Rs 21 + GST per transaction
Balance Inquiry & Mini Statement:
Free even after exceeding free transaction limits at SBI ATMs
However, at other bank ATMs, balance checks and mini statements will be charged Rs 10 + GST after free limits are crossed.
For Accounts With Rs 50,000–Rs 98,000 Monthly Balance:
5 free transactions at other bank ATMs will be allowed.
Increase in Charges from May 1:
The fee for each transaction beyond the free limit will increase to Rs 23.
This follows RBI’s decision to raise ATM interchange fees by Rs 2, from Rs 17 to Rs 19.
What is Interchange Fee?
It is a fee that one bank pays to another for using its ATM services.
These changes are expected to impact how customers use ATM services and encourage higher balances and digital transactions.