SBI customer Alert: ATM transaction fee waiver to end 30 June; Know rules from 1 July

SBI customer Alert: All State Bank of India (SBI) customers, your ATM transactions are likely to become expensive from 1 July 2020 as the timeline for reduced transaction fees ends on 30 June 2020. The state-run bank reduced transaction fees for 3 months on account of the coronavirus pandemic.

The Bank ATM cash withdrawal rules will change from 1 July. The bank announced relaxation on ATM withdrawal amid the coronavirus pandemic for the months of April, May and June. So far, the bank has not indicated of an extension. If the extension is not announced then the old ATM withdrawal rules will likely get reinstated.

This news is only related to the withdrawal from the SBI bank ATMs and do not apply for others. Different banks have different rules related to withdrawal from their ATMs. Visit the website or contact the respective banks to know about their rules.  

The Ministry of Finance had earlier withdrawn all transaction charges towards withdrawal of cash from ATMs, giving a big relief to people in the middle of Covid-19 pandemic. The state lender followed up by waiving off service charges for all ATM transactions made on SBI ATMs as well as other bank ATMs.

"In view of the announcement made by Finance Minister on March 24, State Bank of India 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," SBI's official website said.

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SBI allows 8 free transactions to its regular savings account holders to transact in a month which include free transactions from 5 SBI ATMs and 3 ATMs of any other bank. Beyond this, customers are charged on each transaction. In non-metro cities, customers get 10 free ATM transactions, in which 5-5 transactions can be made from SBI and other banks. It then levies Rs 20 + GST for cash transactions and Rs 8 + GST for non-cash transactions.