Metro Cities: Money withdrawals from ATMs to be costlier from November

[swatkats]

Customers with account balance of more than Rs. 1 lakh account balance will enjoy unlimited free transactions at SBI's own ATMs and other banks' ATMs as well.

For other SBI customers with account balance less than Rs. 25,000, free ATM transactions would be restricted to five transactions at its own ATMs. For other bank ATMs, these customers will get three free transactions in metros and five in non-metros.

SBI will charge Rs. 20 (excluding service charge) for each financial transaction at other bank ATMs beyond the free limit.

For non-financial transactions the charges would be Rs. 8.

SBI at its own ATMs will charge a flat Rs.5 each transaction beyond the free limit. Non-financial transactions at ATMs include balance enquiry, mini statement etc.

http://profit.ndtv.com/news/your-money/article-sbi-links-atm-charges-to-account-balance-679746

 

[sandeepsachin]

1 lakh balance to get unlimited transactions. Thats steep. Any info related to private banks?

 

[avi]

1 lakh balance to get unlimited transactions. Thats steep. Any info related to private banks?

Thats not steep. With 1L of your investments banks make around 10k/year. Approx 1K/month. And if they charge 25 INR per transaction, with 1000 INR, you can make 40 transactions per month.

He he.

 

[swatkats]

Nice way to grow Bank's Deposit amount. I think people will prefer to pay transactions charges than maintain specified limits. Its SBI !

 

[ankushv]

Bas#@$ds. ..We must pay to withdraw our own money . This is ridiculous .

 

[nimod]

in few months they are going to charge fee for deposits also.

 

[Mr.J]

God, what is this stupidity.

 

[Onemufc]

Anything on this? No message or Email from my bank.

 

[honest1]

http://timesofindia.indiatimes.com/...-ATM-charges-for-now/articleshow/45009238.cms

 

[Onemufc]

Thanks.

Also, does this apply for Salary accounts?

 

[honest1]

Thanks.

Also, does this apply for Salary accounts?

Mostly no as they are special accounts.

 

[raj_pol]

Wow....this is so ridiculous. Well I am always and will always be a little suspicious of this whole benefits of using plastic money thing. I guess now they are revealing their true colors. Pay to keep your money with us, pay to use your money and so on and so forth.