SBI waives service charges for all ATM transactions

State Bank of India will waive service charges for all ATM transactions made on SBI ATMs as well as other bank ATMs

SBI waives service charges for all ATM transactions

Country's largest lender State Bank of India (SBI) will waive service charges for all ATM transactions made on SBI ATMs. This will also be applicable to other bank ATMs on account of exceeding free number of transactions up to 30th June. The bank has made an official announcement on its website on 15 April 2020. "In view of the announcement made by Finance Minister on 24th March, 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 free number of transactions up to 30th June," the announcement was posted on SBI's official website.

On 24 March, Finance Minister Nirmala Sitharaman had announced that no charge will be levied on cash withdrawals by a bank’s customer from the ATM of any other bank for three months, i.e. till June 30. Debit cardholders can withdraw cash for free from any other banks’ ATM for three months, the FM had said. " ...so you may have a debit card from a bank, a particular bank, but you will now be allowed, without additional charges, to draw cash from any other bank's ATM for the next three months," the Finance Minister had said while announcing the Covid-19 package for the country.

SBI offers eight free transactions to regular savings bank account holders, including five transactions at SBI ATMs and three at other bank ATMs. In non-metros, such account holders get 10 free transactions, including five at SBI ATMs and five at others. Thereafter, it charges ₹20 plus GST per financial transaction and ₹8 plus GST for non-financial transaction as mentioned on the bank's website.

Last month, India's largest bank waived charges for non-maintenance of average monthly balance (AMB) for all 44.51 crore savings bank accounts. The bank also waived of SMS charges.