The State Bank of India has notified its users about some rule changes when using an SBI ATM card. The biggest bank in the country, in a new rule, notified its customers that they would now need to pay a penalty for every failed transaction with an inadequate balance.
In simple words, for now on, if you try to withdraw more than the cash you have in your account from an SBI ATM, then you will have to pay a fine of Rs 20 and GST. The bank will charge a penalty for non-financial transactions as well.
How to Avoid Penalty
The best thing you can sensibly do to avoid any such penalty is stay updated about the remaining balance in your account. You can check your bank balance using SBI’s Balance Check Service or SBI’s banking app. One can also call the SBI Customer Care to get information about their bank balance.
Moreover, there are many more ways to check your account balance. If you use third-party UPI apps like Google Pay or Phone Pay, they too allow you the option to check your account balance.
For the unaware, an SBI Metro City customer gets as many as 8 free ATM transactions per month. This includes 5 transactions from SBI ATMs and 3 transactions from other bank ATMs. However, for non-metro city customers, the free transactions limit is 10 including 5 transactions from SBI ATMs and 5 transactions from other banks’ ATMs.
Cash withdrawal requires OTP
Recently, the SBI bank has changed its ATM cash withdrawal rules too. Now if anyone wants to withdraw more than Rs 10,000 from an SBI ATM, they would need to enter OTP from the registered mobile number along with the ATM pin. The rule, as per SBI, allows its customers an extra layer of security.