If you are a customer of State Bank of India (SBI) and often withdraw cash from ATMs of other banks, then now you will have to be prepared for higher charges. The country’s largest public sector bank has increased the fees for withdrawing money from non-SBI ATMs. This can have a direct impact on the pockets of frequent ATM users. Let us know how much impact this will have on your finances.
SBI’s announcement
According to the bank, the interchange fees charged on ATMs and automated deposit-cum-withdrawal machines have increased. For this reason the bank has decided to increase the charges for this service. Interchange fee is the amount that one bank pays to another bank for using its ATM.
Changed rules for salary account holders
SBI has decided to make changes for customers with salary accounts. Till now, salary account holders had the facility of unlimited free transactions at non-SBI ATMs. This feature has now been discontinued. Under the new system, salary account holders will be able to do a total of 10 free transactions every month. This includes both cash withdrawal and balance enquiry. After exceeding this limit, every transaction will be charged as decided by the bank.
What has changed for savings account holders?
The bank has not made any changes regarding free transactions for customers with savings accounts. Like before, they will be able to do 5 free transactions at non-SBI ATMs. However, there will be a charge for using ATM beyond this limit. The bank has revised these charges. After the limit of 5 transactions is reached, cash withdrawal will be charged at ₹23 + GST. Earlier this charge was ₹21. For balance check or mini statement, the charge has been fixed at ₹11 + GST.
Relief to these customers
The bank has given relief to customers having Basic Savings Bank Deposit Account. The old rules will remain applicable for these customers. Under the new system, there is no indication of any new charges being imposed on these account holders.
