Amidst the COVID-19 crisis followed by the lockdown, the State Bank of India has waived off service charges for all ATM transactions made not only on SBI ATMs but other bank ATMs as well.
The announcement made recently said, “In view of the announcement made by Finance Minister on 24th March, SBI has decided to waive ATM charges for all ATM transactions made on SBI ATMs and other bank ATMs on account of exceeding the free number of transactions up to 30th June.” Hence, the waive off service charges will be applicable only till June 30.
Earlier the state-run bank had relaxed ATM transaction fees for 3 months — April, May, and June — during the coronavirus pandemic. The changes were brought in by SBI after the Finance Minister on March 24 announced that no charges will be levied on cash withdrawal made from any other bank’s ATMs for 3 months for bank customers.
Till now SBI has not made any indication of an extension, therefore, the old ATM withdrawal rules are likely to get reinstated.
SBI customers should be aware that their ATM transactions are likely to become expensive from the 1st of July 2020. This is because the special reduction timeline offered by the bank with reduced transaction fees ends today, ie, 30 June, 2020.
SBI usually offers 8 free transactions for bank customers for regular savings bank accounts, including 5 transactions at SBI ATMs and 3 at other bank ATMs. In non-metro cities, SBI customers get 10 free ATM transactions, in which 5 transactions can be made from SBI and 5 from other banks. For further transactions, SBI customers are charged on each transaction, Rs 20 + GST for cash transactions, and Rs 8 + GST for non-cash transactions.
