Irrespective of the Monthly Average Balance, the fund transfer through Internet or Mobile Banking will be free and one can make unlimited transactions.
SBI ATM Charges: There is an update for the account holders of the State Bank of India (SBI) as the bank will be revising the service charges from October 1, 2019. While the charges for some of the services will remain the same as before, there are a few other services where the charges have actually been revised downwards. For those finding it hard to maintain Monthly Average Balance (MAB), there’s good news that the limit for MAB has been cut to nearly 80 per cent.
Making fund transfer through NEFT/RTGS mode has been made lucrative, cash withdrawal charges at the bank branch have been revised. Let us look at the SBI cash withdrawal charges both at ATM and at home or non-home branch.
There will be a few free cash withdrawal transactions allowed each month and will be based on the MAB. For example, if the savings bank account holder maintains an Average Monthly Balance (AMB) of up to Rs 25,000, there will be 2 free transactions allowed in a month. Similarly, for AMB between Rs 25,000 and Rs 50,000, there will be 10 free cash withdrawal transactions in a month. Post the free transactions, each transaction will be charged at Rs 50 ( plus GST) irrespective of the AMB. Importantly, the maximum limit for the savings bank account holder to withdraw cash from a non-home branch will be Rs 50,000.
Cash Withdrawals at Home & Non-Home Branch
Fund transfer through digital mode
Irrespective of the AMB, the fund transfer through Internet or Mobile Banking will be free and one can make unlimited transactions.
Charges for ATM will depend on four things:
- Financial or non-financial transaction
- Whether transaction is at SBI ATM or any other ATM
For example, for AMB up to Rs 25,000, there will be 3 transactions free at the 6 Metro locations, 5 at non-metros if such transactions are made at other bank’s ATM. For transactions at SBI ATM, there will be no charge up to 5 transactions in a month. The number of free transactions per month will include both financial and non-financial transactions.
Charges for financial transactions beyond the set limit will cost you Rs 20 ( plus GST) per transaction, while charges for non-financial transactions beyond the set limit is to be charged at Rs 8 ( plus GST) per transaction.
Transaction declined due to insufficient balance and Cardless Cash withdrawal at ATMs will cost you Rs 20 ( plus GST) and Rs 22 ( plus GST) respectively for each transaction.
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In addition, there will be one-way inter-changeability which will be allowed for branch transaction on ATM transactions. It means the account holder will be allowed a maximum of 10 free debit transactions at 6 Metro centres at SBI ATMs and maximum 12 free debit transactions at other centre ATMs provided there are no transaction at other Bank ATM and no transaction at the branch.