India’s largest lender State Bank of India (SBI) to charge customers for failed ATM transactions due to insufficient balance. In a transaction that is unsuccessful due to insufficient funds in the account, customers have to pay an extra amount as a penalty.
There are options like missed call and SMS facility which allows customers to keep a tab on the balance in their savings account. Before making an ATM withdrawal it is better to always check your balance.
SBI allows 8 free transactions to its regular savings account holders in a month in the metro cities. These include free transactions from 5 SBI ATMs and 3 ATMs of any other bank. 10 free ATM transactions from non-metro cities in which 5 transactions can be made from SBI, while 5 from other banks ATM, according to the SBI website.
SBI will charge a fee of Rs 20 plus GST for transaction decline due to insufficient balance. There are few examples where ATM transaction fails, and as a result, no cash is dispensed, although cash gets debited from one’s account. No need to worry, just safely keep your transaction slip and register the complaints online with SBI.