Many banking rules, including ATM cash withdrawal and minimum account balance, are likely to change from next month. During the coronavirus-induced lockdown, several relaxations were given to the people in banking related transactions for three months. Finance Ministry had withdrawn all transaction charges to withdraw cash from ATMs till 30 June.
Until there is no new announcement on the same, then previous ATM withdrawal, minimum balance in the account rules of the banks will be applicable from July 1. Different banks have different ATM withdrawal and minimum balance rules.
Minimum balance requirement
Most banks demand a minimum balance requirement from an account holder and non-maintenance could attract penalty. The minimum balance requirement could range anywhere between ₹5,000- ₹10,000. On 10 March, SBI had waived minimum balance charges for all 44.51 crore savings bank accounts.
Debit card-cum ATM charges
Normally, banks allow up to five free transactions per month at their own ATMs, and three free transactions at other banks’ ATMs. If you exceed these limits, you may end up paying. The charges can vary from ₹8-20 depending on the type of transaction.
SBI ATM cash withdrawal rules
State Bank of India (SBI) had earlier waived service charges for all ATM transactions made on SBI as well as other bank ATMs. "In view of the announcement made by 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, " SBI had made an announcement on its official website.
As per the information available on the official website of the State Bank of India (SBI) 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 8 free transactions to its regular savings account holders in a month. 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.