SBI changed the rules of ATM withdrawal, charge to be levied is also changed

New Delhi: State Bank of India has made a big change in the withdrawal limit from ATM. The country’s largest public sector bank has made this change with the aim of simplifying the ATM charge structure and promoting digital banking, which will affect both financial and non-financial transactions on SBI and other bank ATMs. This rule will be considered effective from February 1, 2025.

SBI has changed the limit of withdrawing money from its ATMs and ATMs of other banks. Apart from this, changes have also been made in the withdrawal limit policy on keeping monthly average amount in the account. This rule will be applicable to all SBI customers. Now customers will get only 5 transactions per month from SBI ATM and 10 free transactions per month from other bank ATMs.
Facility of unlimited free transactions on 1 lakh
If the saving account holders maintain an average monthly balance between Rs 25,000 and Rs 50,000, then they will get the facility of 5 free transaction limit from other bank ATMs. On the other hand, if someone maintains a balance of up to Rs 100000, then he will get the facility of unlimited free transactions from SBI and other bank ATMs.
After crossing the monthly limit of free ATM transactions, SBI will charge Rs 15 + GST ​​per transaction at the ATM, irrespective of the location. For transactions at other banks’ ATMs, this fee is Rs 21 + GST ​​per transaction, which will also be applicable in other places of the country including metro cities. There will be no charge on SBI ATMs for balance inquiry and mini statement. However, a fee of Rs 10 plus GST will be applicable on ATMs of other banks.

Apart from this, the Reserve Bank of India (RBI) has announced to increase the ATM transaction fee to Rs 23 per transaction from May 1, 2025. Last month, the Reserve Bank of India (RBI) announced that the maximum ATM withdrawal fee has been increased to Rs 23 per transaction after the increase in ATM interchange fee. As per the RBI announcement, this fee will increase if the free monthly limit is exceeded, which is more than the previous amount of Rs 21.

According to the central government, State Bank of India generates a good amount of revenue from cash withdrawal from ATMs, while other public sector banks (PSBs) are not able to earn. SBI has reported a profit of Rs 2,043 crore from ATM cash withdrawals in the last five years, while the nine PSBs have collectively incurred a loss of Rs 3,738.78 crore in the same period. This is in contrast to the losses reported by the nine other public sector banks, with only Punjab National Bank and Canara Bank matching SBI in making profits from these services.