Changes Put in Place for ATM Withdrawals from the SBI: New Charges, Nonspecific Limits Reduced Since February 2025
A substantial announcement for all customers of SBI: Transaction limits and fees at ATM point have undergone a thorough revival.
Beginning Feb. 1, 2025, customers must know and follow the new rules regarding ATM withdrawals set by the State Bank of India (SBI).
The ATM free transaction limit has of late, been reduced in view of the growing trend towards digital banking and ATM maintenance these including the increase of charges and the introduction of ‘benefits’ linked to an account’s average monthly balance which are all bound to affect your monthly banking behavior.
Fewer Free Transactions: New Monthly Limits Explained
In the changed policy in any calendar month ATM transactions over and above five at SBI ATMs would be against the transaction policy. Withdrawals from ATMs offering facilities for banks other than the State Bank of India would correspond to 10 ATM transactions free.
Thereafter, a fee of Rs 15 plus GST will be charged for every additional withdrawal from SBI ATMs, while Rs 21 plus GST will apply to each withdrawal from any other bank ATM.
Higher Balance = Unlimited ATM Withdrawals
For consumers keeping a higher average monthly balance there will be extra benefits. Customers keeping an average monthly balance between Rs 25,000 to Rs 50,000 will get 5 free transactions from other bank ATMs. However if you maintain Rs 1 lakh or above you get unlimited free withdrawals from both SBI and Non SBI ATMs.
Non-Financial Transactions Will Attract Charges
No fee will be charged by SBI for balance inquiries and mini statements at its own ATMs. At the same time using a non SBI ATM for the same processes will incur a Rs 10 plus GST fee. In this move SBI tries to promote more digital use amongst its clients for menial the task.
RBI Cleared the Hike of ATM Charges Across India
This change has been implemented in keeping with the Reserve Bank of India (RBI). Banks in India will now charge a maximum of Rs 23 per ATM transaction on and after the free limit starting May 1, 2025 having been Rs 21 previously. The interchange fee for ATMs is also hiked to Rs 22 due to rising operational expenses.
SBI Wins Hands Down Regarding ATM Revenue; Others Have Been Catastrophically Punished
According to the government data during the last five years SBI has earned an amount of Rs 2,043 crore from ATM withdrawals while nine other public banks together lost upwards of Rs 3,700 crore. Only Punjab National Bank and Canara Bank have been making profits from ATM services.
What This Means for You
SBI customers are encouraged to avoid impending ATM charges by maintaining higher balances in their accounts or by shifting to digital banking.
With cash patterns changing, awareness will allow one to keep pace with these changes for smarter banking.
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