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SBI Alert! Insufficient balance? Here’s how much bank will charge for failed ATM transaction

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SBI Alert! Insufficient balance? Here’s how much bank will charge for failed ATM transaction

State Bank of India (SBI), India’s largest public sector bank has revised its ATM withdrawal rules with effect from 1 July. According to State Bank of India (SBI) official website i.e. sbi.co.in, 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.

SBI allows eight free transactions, including five transactions at SBI ATMs and three transactions at other bank ATMs in six metro centres (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad) to account holders with up to Rs 25,000 Average Monthly Balance in their savings bank account. These 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.

Maintaining an average balance of more than Rs 1,00,000 in the savings account, then that customers will get unlimited transactions at SBG ATMs as well as other banks ATMs. For any additional financial transactions beyond the set limit, SBI will levy a fee ranging from Rs 10 plus GST to Rs 20 plus GST.

Failed ATM transaction fee

In case of a failed transaction, the bank will charge a fee of  Rs 20 plus GST due to insufficient balance.

SBI OTP based cash withdrawal 

SBI offers a safe way to withdraw cash over ₹10,000 across all SBI ATMs. This new facility, which was introduced on 1 January, 2020, allows ATM cardholders to withdraw cash with the help of one-time password (OTP) across all SBI ATMs from 8 PM to 8 AM.

Recently, SBI took to Twitter and said protecting its customer from fraudster is also bank’s topmost priority.

“Our OTP based cash withdrawal system makes transacting at SBI ATMs more secure. Protecting you from frauds will always be our topmost priority,” SBI tweeted.

Earlier, the SBI had given some safety mantras to its customers on ways to keep their money safe. These include:

  • Memorise your PIN. Do not write it down anywhere and certainly never on the card itself. 
  • Your card is for your own personal use. Do not share your PIN or card with anyone, not even your friends or family 
  • Use your hand to cover the keypad while using the ATM card at the ATM or POS machines. Stand close to the ATM machine. 
  • Do not respond to text messages, emails or calls asking for your call details or PIN. 
  • Do not take help from strangers for using the ATM card or handling your cash. 
  • Dispose of or safely put away your transaction receipt. 
  • Don not use numbers from your birth date, phone numbers or account numbers as your pin. 
  • Look for spy cameras before you begin your transaction.  
  • Beware of keypad manipulation, heat mapping and shoulder surfing while using the ATM or POS machines. 
  • Make sure for signup for transaction alert. 
  • Opt for an OTP-based cash withdrawal system to safeguard yourself from unauthorised transactions.   

 

 

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