State Bank of India (SBI) has said that it will offer unlimited transactions for customers maintaining higher account balance, and provide more free transactions to those customers who avoid going to branches.
As per the new norms, which will effective from 1 November 2014, customers maintaining an average monthly balance of INR25,000 and above will be offered unlimited usage of its own network.
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However, use of third-party ATMs will be limited to only three transactions per month.
At the same time, free transactions on own network will be raised from five to nine if the customer does not visit a branch that month.
For customers maintaining account balance of up to INR25,000, number of branch withdrawals will be limited to four per month.
In case of customers maintaining account balance of less than INR25,000, transactions on home bank ATMs will be limited to five and transactions on ATMs of other banks will be limited to three.
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By GlobalDataCustomers exceeding the limit will have to pay INR5 per transaction at SBI’s ATMs and INR20 at third-party ATMs.
In case of customers maintaining average balances of over INR100,000, there will be unlimited access to all ATMs across the country.
The limits are applicable only in Mumbai, New Delhi, Chennai, Kolkata, Bangalore and Hyderabad, while in other regions the limit of five free transactions previously set up will continue.
