With an aim to facilitate better service to its account holders, State Bank Of India (SBI), the country’s largest lender, has been offering eight free transactions through its ATM cards. The bank’s regular savings account holders can undertake five transactions at SBI ATMs and three at other bank ATMs. However, savings bank account holders in non-metros get 10 free transactions.
The bank charges Rs 20 plus GST per financial transaction and Rs 8 plus GST for non-financial transaction.
Currently SBI allows its savings bank holders to undertake unlimited free transactions at State Bank of India Group (SBG) ATMs, provided they should maintain an average balance above Rs 25,000 in the previous month.
Meanwhile, the Reserve Bank of India has taken a decision to set up a committee involving all stakeholders, under the chairmanship of the CEO of Indian Banks’ Association (IBA) to look into ATM charges and fees.
There are about two lakh ATMs in the country. As per the latest RBI data, 80.9 crore transactions were undertaken through debit cards on ATMs during April, said a report by Live Mint.