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Let’s know about the SBI's ‘unlimited free’ ATM transaction plan

Tuesday - December 4, 2018 11:28 am , Category : WTN SPECIAL
Unlimited free transaction facility from SBI ATM, if monthly average balance remains Rs 25,000
Unlimited free transaction facility from SBI ATM, if monthly average balance remains Rs 25,000

SBI offers new schemes to its customers

DEC 04 (WTN) - If your account is in SBI, i.e. State Bank of India, as you know, there is a limit for free transaction to withdraw money from ATMs. After this limit, if you withdraw money from the ATM, then you have to pay a fixed fee required by the bank. Many times SBI customers have opposed the limits of transaction from the ATM, but the bank argued that it is necessary for ATM maintenance to do this.

But now SBI is going to launch unlimited free transactions scheme for its customers, but for that, customers will have to adhere to certain conditions, after following these conditions, the customer can do unlimited free transitions from the ATMs of SBI as well as other banks' ATMs. What is this new scheme and conditions, let’s know.

Unlimited free transactions from ATMs of SBI and other banks ATMs will be available to those SBI customers, who will maintain average balance of Rs 1 lakh in their account last month. That is, the average balance of any customer of SBI in the last month is at least one lakh rupees then one can easily afford the benefit of this facility. But if the monthly average balance is less than Rs 1 lakh and more than Rs 25 thousand, then customer will be able to make unlimited free transactions from the State Bank of India Group’s ATM, but not from other bank’s ATM.

At the same time, SBI account holders who retained monthly average balance of Rs 25,000 in the last month will get unlimited free transactions from any ATM of State Bank of India Group. Customers with monthly average balance of Rs 25,000, at present get 10 free transactions per month. Currently, 8 transactions are free for the current account holders, of which 5 free transactions are from SBI ATMs and 3 form the ATMs of other banks.

For your information, let you know that RBI, i.e., the Reserve Bank of India had instructed SBI to make available its customers free ATM transactions every month. Due to this, SBI has facilitated unlimited transactions for customers having a fixed monthly average balance.

At present, SBI account holders get 8 free ATM transactions every month in Metro City. There can be 5 free transactions from SBI ATMs and 3 transactions from other banks ATMs. For the non-metro city, the limit is 10 free transactions per month. After this limit, after using the free transaction, there will be at least Rs. 5 to Rs. 20 charge with GST.