SBI ATM Penalty: If you are an SBI client, please read the following information carefully. Before withdrawing money from an ATM, make sure you know how much money you have in your account. If you try to withdraw more money than you have, your transaction will fail, and the bank will charge you a fee.
The account will have a lower balance!
Most banks in the country, not just SBI, levy a fee for failed ATM transactions due to insufficient funds in the account. According to the statement on SBI’s website, if there is no balance in the account, you will be fined a penalty of Rs 20 for each failed transaction, with GST applied separately.
Like this, keep an eye on the Balance
This is not, however, a new rule. However, it is critical that you look after it. So that you don’t get a penalty that isn’t necessary. Keeping track of your savings account balance is simple, and you have a variety of alternatives for doing so. For example, you can first check how much money is in your account via SMS or missed call. Even before taking cash from an ATM, you can check your balance. If you use Online SBI, you can also get information from there. Aside from that, you may check your balance on Google Pay or the PhonePe app. Following that, you withdraw money from an ATM.
There are numerous transactions that are available for free.
According to statistics on SBI’s website, normal savings account users in metro cities are entitled to eight free transactions per month. There are five SBI ATMs and three free ATM transactions from any other bank. Non-metro cities are eligible for ten free ATM transactions, including five from SBI and five from other banks’ ATMs.
How to make a complaint
According to SBI, it is not uncommon for an ATM transaction to fail, but the cash to remain in the machine. So there’s no need to be concerned. All you have to do is preserve the ATM receipt, go to the SBI website, and make an online complaint. It is resolved in seven days.
Last year, a major rule was altered as well.
In September 2020, SBI made another rule adjustment. That stated that if you wanted to withdraw Rs10,000 or more from an SBI ATM, simply entering the PIN would not be enough. The money will be withdrawn only after you enter the One Time Password (OTP) on the mobile number registered with the bank in the ATM.