These new rules will come into effect from February 1, 2025. SBI aims to simplify the fee structure and promote digital banking through this amendment. Under this, now both financial and non-financial transactions on ATMs of SBI and other banks will be affected.

How many free transactions will you get now?

As per the new SBI policy, all savings account holders will get 5 free transactions per month at SBI ATMs and 10 free transactions per month at other bank ATMs. However, the free limit at other bank ATMs has been reduced for certain balance categories.

• Customers maintaining an average monthly balance of ₹25,000 to ₹50,000 will now get only 5 free transactions at ATMs of other banks.
• The same limit will apply to customers with balances between ₹50,000 and ₹1,00,000.
• Those having balance of more than ₹ 1 lakh will continue to get unlimited free transactions.

Charges will be levied for transactions exceeding the limit

If you transact beyond your free limit, a charge of ₹15 + GST ​​will be levied at SBI ATMs and ₹21 + GST ​​per transaction at other bank ATMs, be it metro or non-metro.

Charges on non-financial transactions

• Transactions like balance enquiry, mini statement etc will be available without any charges at SBI ATMs even after the free limit.
• But if you avail these services from any other bank’s ATM, you will have to pay ₹10 + GST ​​per transaction.

Cashless financial transactions (like trust donations etc.) are free at SBI ATMs, but these are not available at ATMs of other banks.

Declined transaction charges in case of insufficient funds

If there is not enough balance in your account and the transaction fails, a penalty of ₹20 + GST ​​will be charged. There has been no change in this and with this the Reserve Bank of India (RBI) has decided to increase the ATM interchange fee from May 1, 2025, due to which SBI customers will have to pay ₹23 per transaction on additional transactions, which was earlier ₹21.

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Change in the limit of free transactions

State Bank of India (SBI) has changed the number of free ATM transactions. Under the change, all customers, whether they are living in metro or non-metro, will be entitled to 10 free transactions at SBI ATMs and 5 free transactions at other bank ATMs every month. For customers having an average monthly balance between Rs 25,000 and Rs 50,000 in the account, there will be a facility to do 5 free transactions at ATMs of other banks. The same applies to those having a balance between Rs 50,000 and Rs 1,00,000. Account holders having an average monthly balance (AMB) of more than Rs 1,00,000 can enjoy unlimited free transactions at both SBI and other bank ATMs. That is, there will be no withdrawal limit for them.

Change in ATM service charge too

State Bank of India (SBI) has also changed the charges levied on ATMs. According to the bank, once you exhaust your free ATM transaction limit, SBI will charge you Rs 15 + GST ​​on every transaction at SBI ATMs, no matter where you are. If you use ATMs of other banks, the charge will be Rs 21 + GST. For services like balance enquiry, mini statement, etc., after the free limit, there are no charges on SBI ATMs. However, if you use ATMs of other banks, you will be charged Rs 10 + GST ​​per transaction.

If the ATM transaction fails due to insufficient funds in your savings account, a penalty of Rs 20 + GST ​​will be charged. From May 1, 2025, SBI customers will have to pay an ATM withdrawal fee of Rs 23 per transaction after exceeding their free monthly limit.

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These changes include many things from GST rules to ATM transactions etc. Now the companies will have to upload the electronic invoice on the IRP within seven days of the issue of the electronic invoice. PNB’s ATM transaction failure will also be charged from today. Brokers will not be able to take bank guarantees from clients’ money. At the same time, Tata and Audi increased the prices of their vehicles. Let us tell you about the changes from today.

Charges will be levied if ATM transaction fails

Punjab National Bank (PNB) customers are going to get a big shock. If a PNB customer does not have money in his account and does a transaction from an ATM and it fails, the bank will charge for this transaction. Rs 10 and GST will be charged separately on such transactions. Information in this regard has been given by sending messages to the customers on behalf of the bank. Apart from this, a notice has also been issued on the bank’s website. This rule is coming into force from 1 May 2023.

Tata Motors again increased the prices of cars

In terms of sales, the country’s number-3 car company Tata Motors has announced that it is going to increase the prices of all its cars and their models. The company is increasing the prices of all its models by up to 0.6 percent. Tata has increased the prices for the second time this year. Audi is also going to increase the prices of its vehicles. Luxury SUVs Q3 and Q3 Sportback will see a price hike of up to Rs 1 lakh. The Audi Q8 Celebration, Audi RS5 and the Audi S5 will see a price hike of up to Rs 4 lakh.

Brokers will not be able to take new bank guarantees from customers’ money

Brokers used to keep investors’ funds with the bank for guarantee as per their requirement and in such a situation there was a possibility of misuse of common investors’ money. But from May 1, brokers will not be able to do so. Markets regulator SEBI, in a recent circular, has mandated that stock brokers and clearing members can no longer pledge client money with banks as a guarantee. The existing bank guarantee, which is now, will be canceled by 30 September.

Receipt will have to be uploaded in 7 days

Companies whose total turnover is Rs 100 crore or more will now have to upload the electronic invoice ie receipt on the Invoice Registration Portal ie IRP within 7 days from May 1. Till now there was no such deadline. GST Network said that in order to ensure timely compliance, taxpayers falling within the prescribed turnover limit will not get the facility to report uploading of invoices older than seven days. Those who do not do this will not be able to take advantage of Input Tax Credit ie ITC.

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