Informalnewz Update Finance : India’s largest bank SBI has changed the rules for withdrawing money from ATMs. Now if the customer does not have sufficient funds in his account and is withdrawing money from the ATM, then he will have to pay a penalty charge for the (failed ATM transaction). The rules are already in force in Axis Bank, Kotak Mahindra, ICICI, HDFC, Yes Bank. Let’s see how much penalty charge will have to be paid and what are the rules related to RBI transaction failure.
According to this rule, if the customer does a transaction from the ATM if there is no balance in the account, then he will have to pay Rs 20 as penalty charge and GST simultaneously. The bank will also charge for non-financial transactions.
At present, the bank offers the account holder 8 free transactions from ATMs in a month. You can do 5 transactions from ATMs of SBI and 3 from ATMs of other banks.
In non-metro cities, 10 free ATM transactions are available, 5 transactions can be done from ATMs of SBI and 5 from ATMs of other banks.
To withdraw 10 thousand or more rupees, an OTP is required from an ATM of SBI. Now this service is available 24 hours at all ATMs of the bank. SBI launched the OTP service on 1 January 2020 to protect customers.
After this, whenever a customer withdraws an amount of 10 thousand or more from an ATM, it is asked to put OTP on the ATM screen. It comes on the registered mobile number of the OTP customer.
The facility of OTP based cash withdrawal is currently available only at SBI ATMs. You can take advantage of this between 8 am and 8 pm.
In 2019, the Reserve Bank of India (RBI) made rules for banks regarding such failed transactions (for which the customer is not responsible). According to this, when you make a transaction from an ATM and it fails, then the customer gets a penalty charge, but this charge is only in those cases in which the ATM transaction fails due to customer mistake. It is not the customer’s fault for some ATM transactions failing. In such cases the customer is not charged, on the contrary, the banks have to pay compensation.
