ATM withdrawal limit: Know how many free transactions you can do every month in SBI, and PNB, by clicking!
A certain number of free transactions are allowed at ATMs every month by all the important banks, both in the public and private sectors. Depending on your account type and the debit card you use, the number of free ATM transactions may vary.
Using an ATM in excess of the permitted number of free monthly transactions will incur charges.
According to RBI in June last year, banks were allowed to charge ₹21 per transaction at ATMs in excess of the monthly free transaction limit with effect from January 1, 2022.
Earlier, banks could charge 20 for each such transaction. Customers are allowed five free transactions every month and there is a limit of three free transactions for other bank ATMs. Customers in non-metro centers can avail of up to five free transactions at other banks' ATMs.
With effect from August 1, 2022, the RBI allowed banks to charge an interchange fee of Rs 17 ($17) for each financial transaction and Rs 6 ($6) for each non-financial transaction at all centers.
To cover the rising cost of ATM installation and maintenance, banks levy service charges on ATMs.
All major banks like SBI, PNB, etc. charge an annual fee on debit cards or ATM cards, depending on the type of card the customer has.
State Bank of India :
Debit Card Annual Maintenance Charge- Rs.125/- + GST
Debit Card Replacement Charge- Rs.300/- +
Regeneration of GST PIN- Rs.50/- + GST
Punjab National Bank :
Card Issuance Charge- Rs.150/- Rs.
Annual Maintenance Fee- Rs.150 - 500/-
Card Replacement Charge- Rs.150/-
Regeneration of PIN- Rs.50/-