Bank balance matters! SBI revamps its ATM usage policies wef Nov 1

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New Delhi, Oct 15: The State Bank of India (SBI), India's largest lender has reviewed its ATM usage charges, allowing people with hefty bank balance free transactions across all banks.

According to the Times of India, in its new policies w e f Nov 1, it has clearly stated that those who maintain a balance of Rs 25,000 or less will be allowed to make four withdrawals a month. For those maintaining more than Rs 25,000 and above, the bank will provide unlimited usage in its own branches.

Moreover, those who exceed the limit will have to pay a transaction fee of Rs 5 per transaction at SBI ATMs and RS 20 at machines belonging to other banks.

However, those having more than 1 lakh account balance will be allowed unlimited withdraws across all branches and bank ATMs. The bank will also increase the transactions on home network from five to nine if the customers do not visit a branch for a month.

The limits are applicable in the six major cities of the country-Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad. Elsewhere, the previous rule of five free transactions prevails.

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