Zee Media Bureau
New Delhi: The nation's largest lender State Bank of India (SBI) has good news for customers who maintain over Rs 25,000 balance.
SBI will offer unlimited ATM transactions on its home ATM for customers who maintain this balance in their account in a month on an average. While for customers having a balance less than Rs 25,000 SBI will allow only four-time usage on its home ATM while for third-party ATM the usage has been restricted to three, as per a financial daily report.
The RBI in August had said that the number of free ATM transactions for savings bank account customers at other banks' ATMs would be reduced from the present 5 to 3 transactions per month (inclusive of both financial and non-financial transactions) for transactions done at the ATMs located in 6 metro centres.
A customer will be required to pay a fee of up to Rs 20 for using Automated Teller Machines (ATMs) beyond the permitted numbers of transactions in Delhi, Mumbai, Chennai, Bangalore, Kolkata and Hyderabad, it had said.
The RBI's latest directive would be applicable from November 1, 2014.
However, the RBI said that banks are free to offer more number of free transactions per month at other bank ATMs as well as their own ATMs in any geographical location if they desire so.
Banks are also free to decide on the combination for metro and non-metro locations of free transactions while adhering to minimum requirements, the RBI notification said.
With Agency Inputs
