State Bank of India (SBI) has decided to increase service charges on their ATM transactions. The country's largest public sector bank is changing these ATM-related charges after nearly a decade. SBI has stated that due to increased interchange fees for using ATMs and Automated Deposit cum Withdrawal Machines (ADWMs), service charges have been re-evaluated. This is why the decision to change these charges has been taken. Bank authorities have announced that the revised charges will be effective from December 1 last year.
SBI has stated that this charge increase will mainly affect savings and salary account customers who use other banks' ATMs. However, this increase will not be implemented for certain specific types of accounts and some ATM transactions. Previously, ATM service charges were last changed in February last year.
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However, the relief is that no changes have been made to the number of free monthly transactions. SBI savings account customers can continue to make five free financial and other types of transactions per month from other banks' ATMs as before. If the designated number of free transactions is exceeded, cash withdrawal will now cost 23 rupees plus GST per transaction, which was previously 21 rupees plus GST. Similarly, transactions like balance enquiry or mini statement will cost 11 rupees plus GST, where this charge was previously 10 rupees plus GST.
What changes for SBI ATM users?
SBI has also made an important change regarding the use of its own ATMs. From now on, a maximum of 10 free ATM transactions per month will be allowed across all centers, which will include both financial and other types of transactions. Previously, the number of these transactions at SBI ATMs was virtually unlimited. According to the new rules, if this designated limit is exceeded, 23 rupees plus GST will have to be paid for each cash withdrawal and 11 rupees plus GST for each other transaction.
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However, these charges do not apply to all customers. SBI has clarified that no changes have been made to current service charges for Basic Savings Bank Deposit Accounts. Similarly, when SBI debit cardholders use SBI's own ATMs, the current charge structure will remain in place. Additionally, the bank has stated that cardless cash withdrawal facility will continue to remain completely free for now.
