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SBI revises ATM withdrawal, minimum account balance charges from today: Here's all you need to know

The number of free cash withdrawals at SBI ATM will now range from 2-15 and the customers are expected to maintain an average monthly balance (AMB), depending on branch categories

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SBI revises ATM withdrawal, minimum account balance charges from today: Here's all you need to know

The State Bank of India (SBI) has revised the service charges for deposits and withdrawal from October 1. A significant change is that the bank has completely done away with monthly limits on Internet and mobile banking transactions. Now, SBI customers can enjoy unlimited such transactions, instead of a maximum of 40 for those with savings account balance of up to Rs 25,000 in the previous month. The number of free cash withdrawals at SBI ATM will now range from 2-15 and the customers are expected to maintain an average monthly balance (AMB), depending on branch categories. State Bank of India has categorised branches into three categories - metro, semi-urban and rural branches.

Non-maintenance of AMB at Metro, Semi-urban and Rural branches

As per the new SBI ATM withdrawal rules, if a SBI customer does not maintain Rs 3,000 as average monthly balance in the banks metro and urban centre branches, and falls short by 50%, the individual will be charged Rs 10 plus GST. Meanwhile, if the customer falls short by 50-75%, then he will be charged Rs 12 plus GST. Lastly, if the account holder falls short by over 75% then he will be fined Rs 15 plus GST.

Similarly, in the semi-urban branch of the SBI with an average monthly balance of Rs 2,000, if the customer falls short by less than 50% then he will be charged Rs 7.5 plus GST. If the customer falls short by 50-75% and over 75% then he will be charged Rs 10 and Rs 12 plus GST. Likewise, for average monthly balance of Rs 1,000 in the rural centre branches, if the shortfall in maintaining AMB is less than 50% then the individual will be charged Rs 5 plus GST and in case the shortfall is over 50% and less than 75% then the charge is Rs 7.5 plus GST.

NEFT & RTGS charges

Real-Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) transactions through digital means are free, but charges are applicable if done at the branch. RTGS transactions at branches between Rs 2 lakh and 5 lakh attract a fee of Rs 20 plus GST, while transactions exceeding Rs 5 lakh will now be charged Rs 40 plus GST.

The NEFT transactions up to Rs 10,000 will be charged Rs 2 plus GST. For transactions above Rs 10,000 and up to Rs 1 lakh, the applicable charges are Rs 4 plus GST. For transactions above Rs 1 lakh and up to Rs 2 lakh and the transactions exceeding Rs 2 lakh, customers will have to pay Rs 12 plus GST and Rs 20 plus GST respectively.

Cash withdrawals

Two free cash withdrawals for the SBI account holder with an account balance of Rs 25,000 is allowed at the bank branches. An SBI account holder with average monthly balance above Rs 25,000 and up to Rs 50,000 will get 10 free cash withdrawals. For unlimited cash withdrawals, the account holder must have an AMB of above Rs 1, 00,000.

Cash deposits

SBI will charge Rs 50 plus GST per transaction beyond 3 free cash deposits in a month.

Edited By: Udit Verma

Also read: SBI drops IPO plans for general insurance arm; SBI Card listing likely in Q4

Also Read: SBI update: ATM charges, cash withdrawal, minimum balance rules to change soon

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