SBI Links ATM Charges to Account Balance
India's biggest lender State Bank of India (SBI) has come up with new norms for ATM transactions, offering more free ATM usage for customers maintaining higher account balance. The new SBI norms will come into effect from November 1.
In a notification on its website, SBI said that customers maintaining average monthly balance of Rs 25,000 to Rs 1 lakh will get the benefit of unlimited free usage of its own ATMs. However, at other bank ATMs in six metro cities, these customers will be charged beyond three transactions in a month and five transactions in other centres.
The metro cities are New Delhi, Chennai, Kolkata, Bangalore and Hyderabad.
Customers with account balance of more than Rs 1 lakh account balance will enjoy unlimited free transactions at SBI's own ATMs and other banks' ATMs as well.
For other SBI customers with account balance less than Rs 25,000, free ATM transactions would be restricted to five transactions at its own ATMs. For other bank ATMs, these customers will get three free transactions in metros and five in non-metros.
SBI will charge Rs 20 (excluding service charge) for each financial transaction at other bank ATMs beyond the free limit. For non-financial transactions the charges would be Rs 8. SBI at its own ATMs will charge a flat Rs 5 each transaction beyond the free limit. Non-financial transactions at ATMs include balance enquiry, mini statement etc.Â
SBI also linked free ATM transactions to the number of withdrawals carried out at its branches. SBI said customers will be allowed nine free transactions at its ATMs if they don't visit its branches for debit transactions during a month or eight free ATM transactions if they visit the branch once and so on.
SBI would charge Rs 20 per transaction for branch withdrawals beyond the four free limit. However, customers with higher account balance can withdraw from its branches more number of times without paying any charges.
SBI's move follows the Reserve Bank of India's (RBI) directive that allowed banks to reduce the number of free ATM transactions. At their own ATMs, banks can charge for transactions beyond the five limit. At other banks' ATMs, the customers would be charged beyond the three limit in metros and five in non-metros.
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