ATM withdrawals for State Bank of India customers are set to get expensive, starting July 1, 2020. SBI, country’s largest lender, had waived off service charges for all ATM transactions made not only on its own ATMs but even on those of other banks, in the wake of COVID-19 crisis, which was followed by a nationwide lockdown.
ATM withdrawals for State Bank of India customers are set to get expensive, starting July 1, 2020. SBI, country’s largest lender, had waived off service charges for all ATM transactions made not only on its own ATMs but even on those of other banks, in the wake of COVID-19 crisis, which was followed by a nationwide lockdown.
The relaxation for ATM withdrawals was given for three months – April, May, and June — during the coronavirus pandemic. The changes were brought in by SBI after the Finance Minister on March 24 announced that no charges will be levied on cash withdrawal made from any other bank’s ATMs for 3 months for bank customers.
“In view of the announcement made by Finance Minister on 24th March, SBI has decided to waive ATM charges for all ATM transactions made on SBI ATMs and other bank ATMs on account of exceeding the free number of transactions up to 30th June,” the statement from State Bank of India said.
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However, there has been no updated on the extension of this benefit. This means that the waive off service charges will be applicable only till June 30, following which the old ATM withdrawal rules are likely to get reinstated, making your transactions expensive.
For those unaware, SBI offers 8 free transactions for bank customers for regular savings bank accounts, including 5 transactions at SBI ATMs and 3 at other bank ATMs.
In non-metro cities, SBI customers get 10 free ATM transactions, in which 5 transactions can be made from SBI and 5 from other banks. For further transactions, SBI customers are charged on each transaction, Rs 20 + GST for cash transactions, and Rs 8 + GST for non-cash transactions.
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