The country's top lender State Bank of India (SBI) had revised its ATM withdrawal rules which came into effect from July 1, 2020. In the recent revision of rules, SBI had added a fee of Rs 20 plus GST which will be charged every time a transaction is declined at an ATM due to insufficient funds in the savings account of the customer.
The revised rules are available for public viewing on the official website of the State Bank of India (SBI). According to them, SBI allows eight free transactions to its regular savings account holders in metro cities. Beyond eight, account holders are charged a fee every time they withdraw cash. These eight transactions include - Five from SBI ATMs and three from ATMs of any other bank. Non-metro cities get 10 free ATM transactions, five from SBI ATMs and five from non-SBI ATMs.
SBI customers who maintain an average balance of more than Rs 1,00,000 in their savings account get a special offer. They can perform unlimited free transactions at State Bank of India Group (SBG) ATMs as well as other banks ATMs.
SBI had also introduced an OTP-based cash withdrawal system in January 2020. Here is how it works:
If an SBI cardholder will take out cash they wish to withdraw from an SBI ATM, an OTP will be sent to that person on its registered mobile number.
Simultaneously, the ATM screen will also display the OTP screen.
The customer has to input/punch the OTP received on his mobile number registered with the bank (SBI) in this screen for taking out the cash.
The one-time password (OTP) is a system-generated numeric string of characters that authenticates the user for a single transaction. The SBI announced the launch of OTP Based ATM Withdrawal for transactions above Rs 10,000 between 8 PM to 8 AM.Also Read: This app lets you manage all your capital market investments in one place