SBI ATM Rules For 2019: Free Withdrawals, ATM Charges & More (10 Things You Should Know)
All the banks Including the State Bank of India(SBI), allow a certain no of free ATM transactions to their customers for every month. If the transactions exceed this specified limit, then customers will get charged by the bank.
The Reserve Bank of India (RBI) has asked banks to provide certain no of transactions for free to its customers.
Though if you maintain a certain minimum balance in your account then you are eligible to do as many transactions as you want in SBI ATM and other banks ATM too.
Some Facts About SBI ATM Charges
Here are the 9 facts about SBI ATM withdrawal charges that can help you save some time and money.
- The customers who maintain a monthly average balance up to Rs 2,5000 are allowed to have 5 free SBI ATM transactions while 8 free other bank ATM transactions at the same time.
- The customers who maintain a monthly average balance equal or more than Rs 2,5000 and less than Rs 1 lac can do unlimited SBI ATM transactions and 8 other bank ATM transactions for free.
- The customers who maintain a monthly average balance of Rs 1 lac or more, can do unlimited transactions at both SBI and other banks ATM for free.
- Considering the above-mentioned limits, for any extra SBI ATM transactions, the bank will charge Rs 10 + GST per transaction.
- Considering the above-mentioned limits, for any extra other bank ATM transactions, the bank will charge Rs 20 + GST per transaction.
- Any non-financial transaction beyond the monthly set limit at SBI ATM, the bank charges Rs 5 + GST.
- Any non-financial transaction beyond the monthly set limit at other banks ATM, the bank charges Rs 8 + GST.
- If your transaction gets declined because of insufficient balance than SBI will charge Rs 20 + GST.
- SBI salaried account holders can do free unlimited no of transactions at all ATMs including SBI and other banks. (reference Mint)
The Reserve Bank of India((RBI) has created a six-member team to review ATM fee structure as it was demanded constantly.
History of SBI
SBI is the largest banking and financial service company in India. Its Headquarter is located in Mumbai. It is a state-owned bank. It’s quite interesting to know about its history as it starts in 1806.
So in 1806, Bank of Bengal was established in Kolkata. It was first presidency bank of India. Bank of Bombay was established in 1840 and Bank of Madras was established in 1843.
During British period, these three banks were the private shareholder’s bank. These presidency banks were received rights to issue paper currency, according to the Paper Currency Act, 1861.
These banks were combined together and renamed as the Imperial Bank of India (IBI) on 27 January 1921. Then Imperial Bank of India was acquired by the Reserve Bank of India in 1955.
on 30 April 1955, RBI renamed Imperial Bank of India as State Bank of India(reference)
The SBI has 190 Foreign offices in 36 countries and more than 15,000 branches all over India.
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