SBI ATM Cash Withdrawal Rules Will Change From 1 July, Here’s Why

For customers of State Bank of India (SBI), the ATM transactions are likely to become more pricey from July 1, 2020, as the lowered transaction fee period expires on June 30, 2020. Due to the coronavirus pandemic, the state-run bank cut transaction fees for three months. The rules for cash withdrawals from bank ATMs will change on July 1st. During the coronavirus pandemic, the bank declared a relaxation on ATM withdrawals for April, May, and June. The bank has not yet stated whether or not an extension will be granted. The old ATM withdrawal guidelines will most likely be restored if the extension is not confirmed. The Ministry of Finance has already removed all processing fees for cash withdrawals from ATMs, providing significant relief to people caught up in the Covid-19 pandemic.

Following that, the state lender waived service charges on all ATM transactions made at SBI and other bank ATMs. SBI allows regular savings account holders to make 8 free transactions every month, including free transactions from 5 SBI ATMs and 3 ATMs of any other branch. Customers are also charged with each transaction. Customers in non-metro cities are entitled for 10 free ATM transactions, of which 5-5 can be done with SBI and other banks. On its official website SBI stated that "In view of the announcement made by the 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."

This information only applies to withdrawals from SBI bank ATMs and does not extend to all other ATMs. Cash withdrawal and deposit rules vary from one bank to another. To read more about the guidelines, go to the bank's website or contact them directly.