Insufficient balance: How much SBI will charge for failed ATM transaction
State Bank of India (SBI) has revised its ATM withdrawal rules with effect from 1 July. 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 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 transactions can be made from SBI, while 5 from other banks ATM.
The bank allows its customers maintaining an average balance of more than ₹1,00,000 in their savings accounts an unlimited transactions at State Bank of India Group (SBG) ATMs as well as other banks ATMs.
Failed ATM transaction fee
SBI will charge a fee of ₹20 plus GST for transaction decline due to insufficient balance.
SBI ATM cash withdrawal with OTP
SBI offers a safe way to withdraw cash over ₹10,000 across all SBI ATMs. This new facility, which was introduced on 1 January, 2020, allows ATM cardholders to withdraw cash with the help of one-time password (OTP) across all SBI ATMs from 8 PM to 8 AM.
Earlier, the bank had given some safety mantras to its customers on ways to keep their money safe. SBI has time and again shared tips of safe banking practices with its customers. SBI has recommended that customers should conduct ATM transactions in complete privacy in order to avoid any ATM-cum-debit card fraud.