The country's largest lender State Bank of India (SBI) has reviewed its ATM usage charges, allowing more free transactions to those who avoid visiting its branches, and unlimited transactions for those with large balances.
In its latest directive on ATM charges applicable from November 1, SBI said that it will limit the number of branch withdrawals to four a month for those maintaining balances of up to Rs 25,000.
For customers maintaining an average monthly balance of Rs 25,000 and above, the bank will provide unlimited usage of its own ATM network, but will limit access to third-party ATMs to three transactions a month. The bank will also increase the number of free transactions on its home network from five to nine if the customer does not visit a branch during the month.
For those who maintain average balances of over Rs 1 lakh, the bank will provide unlimited access to all ATMs across the country. However, those customers whose balances are less than Rs 25,000 will face the limit of five transactions on their home bank ATMs and three transactions on other banks' machines. Those who exceed the limit will pay Rs 5 per transaction at SBI's ATMs and Rs 20 at machines belonging to other banks.
The new charge structure follows an RBI directive that allowed banks to reduce the number of free ATM transactions on their own networks and other bank's networks to five and three respectively. The limits are applicable only in six major cities — Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad. Elsewhere, the earlier limit of five free transactions will continue.
Source : Times of India
In its latest directive on ATM charges applicable from November 1, SBI said that it will limit the number of branch withdrawals to four a month for those maintaining balances of up to Rs 25,000.
For customers maintaining an average monthly balance of Rs 25,000 and above, the bank will provide unlimited usage of its own ATM network, but will limit access to third-party ATMs to three transactions a month. The bank will also increase the number of free transactions on its home network from five to nine if the customer does not visit a branch during the month.
For those who maintain average balances of over Rs 1 lakh, the bank will provide unlimited access to all ATMs across the country. However, those customers whose balances are less than Rs 25,000 will face the limit of five transactions on their home bank ATMs and three transactions on other banks' machines. Those who exceed the limit will pay Rs 5 per transaction at SBI's ATMs and Rs 20 at machines belonging to other banks.
The new charge structure follows an RBI directive that allowed banks to reduce the number of free ATM transactions on their own networks and other bank's networks to five and three respectively. The limits are applicable only in six major cities — Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad. Elsewhere, the earlier limit of five free transactions will continue.
Source : Times of India
