State Bank of India or SBI on Thursday stated that all the ATM withdrawals are not chargeable as the country’s largest lender has revised service charges on various cash transactions for its customers. The bank made the clarification after the reports of increase in service charges on regular ATM transactions. “Rs. 25 per transaction is charged for withdrawing from State Bank Buddy through ATMs,” the lender said in a statement. It introduced a new facility that would enable withdrawal of cash through ATMs using the bank’s mobile wallet.
“If a customer has money in SBI Buddy, our mobile wallet, he can now withdraw that money through ATMs. Also, now customer can deposit cash or withdraw cash through business correspondent (BC) from or into our mobile wallet. These facilities were not available earlier,” State Bank of India MD (national banking) Rajnish Kumar told news agency Press Trust of India. The service charges will be effective from June 1, 2017, he added.
The limit of four ATM withdrawals in a month only applies to the Basic Savings Bank deposit accounts and also for the Jan Dhan accounts. For other Savings Bank accounts, the limit will be eight free ATM transactions (five SBI ATMs three other bank ATMs) in metros and 10 free transactions in non-metros (five SBI ATMs five other bank ATMs) free apart from the bank transaction.
Also, the charges for IMPS or online fund transfer, exchange of soiled notes, ATM card charges (except for RuPay card) and issuing new cheque books were revised.