New Guidelines for ATM Cash Withdrawal, will get levied from July 1



During the Corona crises, according to the latest news by the Finance Ministry of India, the scenario of using an ATM (Automatic Teller Machine/Asynchronous Transfer Mode) will get changed. As stated in the latest information released by the ministry, many guidelines of banking and using ATMs will change from July 1. It was also learned from the official sources that during the lockdown many of the relief was provided to the people while transacting money from a bank or ATM. But, with the due course and the continuation of the pandemic in the nation. According to the new banking rules, the relaxation will get diminished from June 30 (that got levied from April to June). 

What are the Latest Banking Rules? 

According to the latest news in Hindi extended by SBI. India’s Largest Lender- State Bank of India said that it will start charging transactional cost after the user exceeds the number of free transactions from ATM (i.e. 8 allowed free transactions). This latest information will bring strictness to the debit cardholders because they tend to use their card for every other purchase or transaction online. 

According to the official news update by SBI website it said, “In the view of the announcement made by the Finance Minister, State Bank of India has decided to start charging for several ATM usage from SBI ATMs or any other ATM on account of exceeding the free number of transactions by the bank that will get completed on June 30.” 

As per the latest news in banking rules, SBI has decided for metro cities that it will only allow 8 free transactions for its users. After this, it will start charging the cost of the usage. 

According to the latest news in Hindi, it was stated that SBI has allowed 8 free transactions to its regular saving account holders for the transaction in a single month. The division compiles as a free transaction from 5 SBI ATMs and 3 from any other ATMs. Additionally, it was also informed that non-metro cities will get 10 free transactional chances for ATMs usage. The division includes 5-5 transactions that can be made from SBI ATMs and other ATMs each. 

Furthermore, it was released through the latest information that Rs 20+ GST will get levied on ATM cash withdrawal and Rs 8+ GST will get imposed on non-cash-withdrawal. 

This rule will be in-power until any further notice by the Finance Ministry gets released. 

Contrary to this, as per the latest information for ATM cash withdrawal abiding the new banking rules. One should also consult and check with the new set rules or the guidelines as per their home branch or any other bank. So, it is well-advised to consult your home branch or call on the customer care number for further information. 

News Update on Debit Card Transaction

Amidst ongoing crises in the country to COVID-19, the Finance Ministry has released a new set of rules for using ATMs across the nation from July 1 onwards. There are a few more updates that need to get mentioned here: 
  • Debit cardholders can now withdraw cash from any ATM of any bank in the country. 
  • Bank accounts will not charge any penalty for non-maintenance of the minimum balance. 
  • There can be a deduction in back charges for digital transactions. 
Location: Lucknow, Uttar Pradesh, India

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