Updated Rules for SBI ATM: Take a look at these before you withdraw cash

Updated SBI ATM Rules: India’s largest lender, State Bank of India (SBI) has updated the ATM money withdrawal rules and now customers will be charged for failure ATM transactions due to inadequate funds in the customer’s account.

From now on, SBI account holders should take care of an additional sum as a penalty for all unsuccessful transactions because of inadequate funds in the customer’s account. As indicated by the SBI official site, the bank will charge an expense of Rs 20 or more GST for failure of the ongoing transaction due to insufficient amount in the customer’s account. Aside from this, the biggest business bank in India will collect charges for non-monetary transactions as well.

According to the data accessible on the official website of the State Bank of India (SBI), all the SBI debit card users should know their daily SBI ATM transaction limit on the grounds that the bank will charge an expense going from Rs 10 plus GST to Rs 20 plus GST for any extra monetary exchanges beyond the provided limit. So, if you want to save yourselves from all these small transactional losses, it is smarter to know and keep these SBI ATM withdrawal rules known to you.

SBI ATM customers can keep a record of their account balance with various other alternatives like missed call and SMS office which permits clients to monitor the account balance. Various other banks like ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank and more such banks charge a penalty for failed ATM transaction owing to insufficient balance in the customer’s account and now SBI is joining the line.

SBI debit card holders can avail 8 free transactions in a span of a month, belong to metro cities, which include 5 transactions form SBI ATMs and only 3 transactions from any non-SBI ATM. For non-metro cities, the number of transactions is 10, which includes 5 from SBI ATM and 5 from non-SBI ATMs.

Another thing to note is that, for withdrawing cash from ATM more than Rs 10,000, SBI debit cardholders will require One Time Password (OTP). If SBI ATM users withdraw over Rs 10,000 from ATM of SBI, they will have to enter OTP, sent on the registered mobile number in the account holder’s bank account, along with their debit card PIN each time. This new facility has come into effect from 1 January 2020. Under this facility of the bank, the account holders will need OTP to withdraw cash from any SBI ATM.