SBI Bank ATM cash withdrawal rules: All you need to know

Finance Ministry had withdrawn all transaction charges to withdraw cash from ATMs, giving a big relief to people in the middle of Corona crisis. Following this, India’s largest lender State Bank of India had earlier waived service charges for all ATM transactions made on SBI ATMs as well as other bank ATMs. 

SBI’s official website said, “In view of the announcement made by Finance Minister on March 24, State Bank of India has decided to waive ATM charges for all ATM transactions made on SBI ATMs and other bank ATMs on account of exceeding the free number of transactions up to 30th June.”

As per the information available on the official website of the State Bank of India (SBI) — sbi.co.in, in metro cities, SBI allows 8 free transactions to its regular savings account holders to transact in a month. Beyond this, customers are charged on each transaction. 

SBI allows 8 free transactions to its regular savings account holders to transact in a month. These include free transactions from 5 SBI ATMs and 3 ATMs of any other bank. Non-metro cities get 10 free ATM transactions, in which 5-5 transactions can be made from SBI and other banks. It then levies Rs 20 + GST for cash transactions and Rs 8 + GST for non-cash transactions.

The State Bank of India has waived off service charges for all ATM transactions made not only on SBI ATMs but other bank ATMs as well.The announcement made recently said, “In view of the announcement made by Finance Minister on 24th March, SBI has decided to waive ATM charges for all ATM transactions made on SBI ATMs and other bank ATMs on account of exceeding the free number of transactions up to 30th June.” Hence, the waive off service charges will be applicable only till June 30.
SBI allows 8 free transactions to its regular savings account holders to transact in a month. These include free transactions from 5 SBI ATMs and 3 ATMs of any other bank.
Non-metro cities get 10 free ATM transactions, in which 5-5 transactions can be made from SBI and other banks.
It then levies Rs 20 + GST for cash transactions and Rs 8 + GST for non-cash transactions.
Different banks have different ATM withdrawal rules.
So, bank customers are advised to reach out to their home branch bank customer care number and find out the rules in this regard

Bank ATM New Rules: Many banking rules, including ATM cash withdrawal, are going to change from July 1. During lockdown, relaxations that were given to the people in banking related transactions, are going to be tightened, until there is no new announcement on the same. The waiver was announced for three months — April, May, June– the deadline is 30th June 2020. 

New ATM Rules:

As new ATM cash withdrawal rules will come in effect from July 1, ATM transactions would become expensive for you from now. To be noted, Finance Ministry had withdrawn all transaction charges to withdraw cash from ATMs, giving a big relief to people in the middle of Corona crisis. 

ATM transaction fees was reduced for three months. This rebate was given for only three months, which will end on 30th June 2020.

As things stand, then previous ATM withdrawal rules will be restored again from July 1. Different banks have different ATM withdrawal rules. So, bank customers are advised to reach out to their home branch bank customer care number and find out the rules in this regard.