If you have an account with State Bank of India and you use ATM card then you need to pay attention to this news. In the case of ATM transactions, SBI has issued new rules which may create difficulty in withdrawing cash more than the available balance.
India’s largest lender, the State Bank of India (SBI) has updated the withdrawal rules for ATM transactions and customers will need to pay penalty for every failed transaction with inadequate balance.
According to the new rules of SBI, if you try to withdraw cash from the SBI ATM more than the amount deposited in the account, then the user will have to pay a fine of Rs 20 and GST. The bank will charge a penalty for non-financial transactions as well.
How to avoid the penalty
The first way to avoid a penalty is to stay updated about the amount deposited in your account. If there is no information, then use SBI’s Balance Check Service to know the account balance. Balance can also be checked by calling SBI Customer Care.
Balance check can be done even before withdrawing cash from ATM. If you use online banking, then information can also be taken from there. Apart from this, balance can also be checked on UPI Apps such as Google Pay or Phone Pay. SBI Metro City customers get 8 free ATM transactions per month which include 5 transactions from SBI ATMs and 3 transactions from other bank ATMs. At the same time, for non-metro city customers, this limit is 10 free ATM transactions consisting of 5 transactions from SBI ATMs and 5 transactions from other banks’ ATMs.
Cash withdrawal requires OTP
SBI users when withdrawing cash from ATM will require to enter OTP from registered mobile number along with the ATM pin. This rule is applicable to the transactions above R. 10,000. State Bank of India updated this rule of January 1, 2020. This gives the user an additional level of security.