SBI links ATM usage to branch visits, account balances
Published
State Bank of India will allow more free transactions at ATMs to those who avoid visiting its branches and unlimited transactions for those with large balances. Reviewing the charge structure for ATM usage, the bank said effective 1 November it will limit the number of branch withdrawals to four a month for those maintaining balances of up to Rs 25,000. For customers maintaining an average monthly balance of Rs 25,000 and above, the bank will provide unlimited usage of its own ATM network, but will limit access to third-party ATMs to three transactions a month. It will also increase the number of free transactions on its home network from five to nine if the customer does not visit a branch during the month. For those who maintain average balances of over Rs 1 lakh, the bank will provide unlimited access to all ATMs across the country. However, those customers whose balances are less than Rs 25,000 will face the limit of five transactions on their home bank ATMs and three transactions on other banks’ machines. Those who exceed the limit will pay Rs 5 per transaction at the bank’s ATMs and Rs 20 at machines belonging to other banks.
