Mumbai: State Bank of India (SBI) India’s largest commercial bank has waived service charges on ATM transactions made on SBI ATMs as well as ATMs of other banks. This service charge waiver will be applicable till June 30, the bank has twitted.
“In view of the announcement made by Hon’ble Finance Minister on 24th March 2020, State Bank of India has decided to waive ATM Service 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 2020. Stay Home, Stay Safe” read the tweet.
Good news for all ATM card holders!
SBI has decided to waive the ATM Service Charges levied on account of exceeding the number of free transactions, until 30th June.#SBI #Announcement #ATM #Transactions pic.twitter.com/d34sEy4Hik
— State Bank of India (@TheOfficialSBI) April 15, 2020
In March 24, Finance Minister Nirmala Sitharaman had announced that no service charge would be levied on cash withdrawals from any other bank’s ATMs till June 30. The Finance Minister had also announced a 3-month moratorium on EMIs of term loans. Accordingly, SBI has also announced the 3-month moratorium facility for its customers. However, the facility is being criticized as banks are levying interest on the moratorium period.
As per the current norms, banks provide five free ATM withdrawals from own branch and three free ATM withdrawals in other bank ATMs in 6 metro cities i.e. Mumbai, Delhi, Chennai, Kolkata, Bangaluru and Hyderabad. For non-metro cities five free withdrawals are given in other bank ATMs apart from five free transactions in own banks. But as per the latest announcement, customers can make more than five withdrawals from own or other bank ATMs.