Withdrawal of money from SBI will be costlier, Know reason

Jun 30 2020 10:22 PM
Withdrawal of money from SBI will be costlier, Know reason

India's leading state-owned bank SBI has made it expensive for customers to withdraw ATMs from July 1. The concessions being given to the account holders of the country's largest bank on withdrawals from ATMs will be closed from July 1. SBI has made all ATM transactions free at this time. The bank has waived the charges for its account holders not only from their ATMs, but also on transactions from other banks' ATMs. The bank had taken this decision in view of the coronavirus epidemic and lockdown.

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The bank had announced to waive ATM transaction fees during April, May and June due to Coronavirus epidemic. On March 24, it was announced by the Finance Minister that customers will not be charged for three months for withdrawal from any other bank's ATM. After this, SBI waived charges on transactions from ATMs. State Bank of India said in a statement, "In view of the announcement made by the Finance Minister on March 24, SBI has decided that even if the number of free transactions from SBI ATMs and other bank ATMs is exceeded, No fee will be charged till 30 June."

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No announcement has been made to extend this benefit to the bank account holders till the end of June. This means that the service charges on ATM transactions will be waived only till June 30 and from July 1, SBI customers will have to pay service charges if there are more ATM transactions than free numbers. From July 1, ie Wednesday, the old charges on ATM transactions will be levied again. SBI offers eight free transactions to bank customers with regular savings bank accounts. Five of these transactions are for ATMs of SBI and three for ATMs of other banks. SBI customers in small cities can make 10 ATM transactions free. Of these, five transactions are for ATMs of SBI and five other banks.

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