SBI customer? This amount will be charged as penalty if you do ATM/PoS transaction with insufficient balance

SBI account holders alert! India's largest public sector bank has over 42 crore customers and the bank has been working on many things to engage with the customers facing any issues related to banking and transactions. The bank has been clarifying over charges levied on saving or current accounts time and again. Recently, an SBI account holder has raised an objection with the bank alleging that a total of Rs 300 has been deducted from his account.

"You're A thief STATE BANK OF INDIA 13 February I'm Deposit 400 Rupees In My Bank Account no is But Every Second My Total Money Is deducted with 23.60 Rupees Why?? I'm Student My Mother Send Me Money For Feeding But You Deduct My Money," claimed the angry customer.

However, the bank clarified that the charges levied was as per norms and not arbitrary.

"The closure resolution provided to your complaint by the concerned team is as follows: Thank you for your valuable feedback. Charges Rs 300/-(23*no. of attempts) for 13/02/2019 recovered correctly as per existing terms and conditions," said the bank.

Explaining the charges, the State Bank of India said, "Please note that an amount of Rs 22 plus GST is charged for every ATM/ POS transaction attempted without having sufficient balance in the account".

The closure resolution provided to your complaint by the concerned team is as follows:
Thank you for your valuable feed back. Charges Rs.300/-(23*no. of attempts) for 13/02/2019 recovered correctly as per exiting terms and conditions. The details of service charges are (1/2)

— State Bank of India (@TheOfficialSBI) March 3, 2019

A close look at the existing penalty charges as defined by the bank revealed that if you carry out a cardless cash withdrawal from the bank ATM, a charge of Rs 22+GST will be deducted from your account. It also defined that in case if a transaction is declined due to insufficient balance in the account, the SBI levies a charge of Rs 20 plus GST.

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Therefore, SBI account holders must not try to withdraw money from ATM if there is insufficient balance in the account. If you are in doubt over the amount available in your account, it's better to first check the balance then proceed for the cash withdrawal.