Country’s largest lender, State Bank of India (SBI), has revised its service charges for savings account holders with effect from 1st October. These service charges include revision of charges per month for non-maintenance of Average Monthly Balance (AMB), number of free transactions per month via ATM, among others. SBI clarified that social media posts saying that only 40 cash deposit/withdrawal transactions in a year are free are not correct. SBI also said reports of only four ATM transactions in a month are free are not correct either.
The most important thing to note is that cash deposits in SBI savings account in a bank branch will be free for up to 3 transactions in a month and 36 in a year. After that, SBI’s account holder will be charged Rs 50 plus GST for every transaction. Cash withdrawal in SBI savings account in a bank branch will be free for up to 2 transactions in a month and 24 transactions in a year.
The number of free cash withdrawals at a branch will be dependent on the AMB or Average Monthly Balance of your account. If the transaction exceeds beyond the specified limit, then you will be charged Rs 50 plus GST per transaction.
The SBI customers are allowed 5 transactions per month free of cost at SBI ATMs in a month.
They are also allowed 8 transactions per month at other banks ATMs. Out of these 8 transactions, 3 are applicable for metro and 5 for other centres. For any financial transactions beyond the monthly limit at SBI ATMs. it charges Rs 10 plus GST and at an ATM of another bank, SBI charges Rs 20 plus GST, according to bank’s website. The customers are allowed a total of 28 free cash transactions in a month. Out of this in a month, 13 cash transactions (cash deposit, cash withdrawal, own bank ATM, other bank ATMs) can be done at metro centres and 15 at others. Cash deposit in SBI Cash Deposit Machine (CDM) through debit card is free for customers.
Read EquityPandit’s Nifty Bank Outlook for the Week