Don’t have enough money in bank account? This is what SBI charges for failed transactions ​

Most of us have rushed towards adopting digital payments due to coronavirus pandemic and also, exchange of currency notes carry extra risk of spreading the virus. Every bank, including State Bank of India (SBI), allows its customers to transfer money through net banking or mobile apps. Also, customers can send money or make payments through UPI. However, the transaction fails if you don’t have enough money in your account.  

In such cases, customers are charged a fee. The State Bank of India customers end up paying a fee of  Rs 20 plus GST due to insufficient balance. 

As far as other charges go, SBI has revised its ATM withdrawal rules with effect from 1 July. According to the bank website, in metro cities, SBI allows 8 free transactions to its regular savings account holders to transact in a month. Beyond this, customers are charged on each transaction. 

The 8 free transactions allowed include free transactions from 5 SBI ATMs and 3 ATMs of any other bank. Non-metro cities get 10 free ATM transactions, in which 5 transactions can be made from SBI, while 5 from other banks ATM. 

The bank also allows its customers to withdraw cash over Rs 10,000 across all SBI ATMs via OTP. This new facility, which was introduced on January 1, 2020, allows ATM cardholders to withdraw cash with the help of a one-time password (OTP) across all SBI ATMs from 8 PM to 8 AM. 

Meanwhile, the bank on Friday said it has introduced a review feature in its one-stop solution app 'YONO Krishi', facilitating farmers to revise limits on their Kisan Credit Cards (KCCs) without the need to visit a branch. With KCC review option on YONO Krishi, farmers will no longer need to travel the distance to visit the branch to apply for a revision in their KCC limit, SBI said in a release. 

KCC review option will help farmers apply for the same in just 4 clicks from the comfort of their homes without any paperwork, SBI said.