ATM withdrawal charges: Minimum Balance Rule at State Bank of India. From July 1, 2020 ATM transactions have become expensive for all SBI customers. As per banking rules, a customer has to pay charges for ATM transactions made beyond the permitted number of free transactions. However, the charges differ depending on whether the withdrawal has been made from the same bank’s ATM or from a different one.
Meanwhile, a committee appointed by the Reserve Bank of India (RBI) has reportedly recommended an increase of 16 percent, or Rs 2 to Rs 17 for financial transactions and to Rs 7 from Rs 5 for non-financial transactions at ATMs in all centres with a population of one million and above.
SBI ATM Charges
However, SBI continues to allow 8 free transactions to regular SBI savings account holders in a month. These include free transactions from 5 SBI ATMs and 3 ATMs of any other bank. There are 10 free ATM transactions in non-metro cities, out of which 5 transactions can be done from SBI, while 5 from other banks’ ATMs. SBI Savings account holders having an average monthly balance of more than Rs 1,00,000 in a bank account allow unlimited transactions at ATMs of State Bank Group (SBG) and other banks.
SBI Minimum Balance Required from Customers:
A minimum balance of Rs 3,000 is required in metro cities, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas on the accounts of State Bank of India (SBI). If there is no minimum balance in the accounts, the bank will be able to charge a penalty on it.
Customers are required to deposit a certain amount in their bank accounts in the name of Minimum Balance. Terms vary from bank to bank, such as what the minimum balance should be and what the penalty will be if it is less. Private and foreign banks charge fines of up to 600 rupees. Penalties starting from 15 rupees are fixed according to each bank.
|Metro Cities||Rs. 3000/-||Rs. 15/-|
|Medium Cities||Rs. 2000/-||Rs. 12/-|
|Rural||Rs. 1000/-||Rs. 10/-|
Minimum Balance Not Required For:
Accordingly, if the monthly minimum balance of the savings account is up to Rs. 25,000, 5 transactions can be made free of cost from that account at the State Bank of India ATM. Similarly, withdrawals at other bank ATMs are free 3 times in metro cities and 5 times in other cities. Similarly, if the minimum balance in the savings account is between Rs. 25,000 and Rs. 50,000, it can be made free. Also, withdrawals from any bank ATM with a minimum balance of up to Rs 1 lakh at any bank ATM are free.