New Delhi: The State Bank of India (SBI) has revised it withdrawal rules, which came into effect from this month, i.e, July 1. Notably, during COVID-19 induced lockdown, India’s largest lender had relaxed norms for cash withdrawals from a bank ATM for three months — April, May, June – and the deadline was June 30. But From July 1, ATM transactions would become expensive for all SBI customers. Also Read - SBI PO 2020: Exam Dates to be Out Anytime Soon, FAQs Answered, Check Details Here
Take a look at the fresh revisions here: Also Read - Amid COVID-19, Contactless ATMs For Cash Withdrawal May be The New Future For Banks
From July, the rule of minimum balance in the savings account will end. If there is no minimum balance in the accounts, the bank will be able to charge a penalty on it. Currently, according to the metro city, semi-urban and rural areas, the limit for keeping a minimum balance in a savings account in different banks is different. Also Read - SBI Board Approves Raising of up to Rs 25K Crore Via Bonds
A minimum balance of Rs 3,000 is required in metro cities, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas on the accounts of State Bank of India (SBI).
The bank will charge Rs 20 plus GST for transaction decline due to insufficient balance.
SBI will offer free unlimited transactions at State Bank Group ATMs and other bank ATMs for salary accounts across the country.