SBI will use repo rate as the external benchmark to price all new floating-rate loans for MSMEs, housing and retail loans and credit for medium-sized enterprises from today
Starting today (October 1), State Bank of India has revised its service charges and also adopted the repo rate as the external benchmark for its floating-rate loans. Here are some of the most important changes that you must know about if you are an SBI customer:
New ATM withdrawal rules: According to new rules, SBI will allow 8-10 free ATM transactions in a month for its customers with average monthly balance (AMB) of up to Rs 25,000 in their savings accounts. For customers with AMB above Rs 25,000, State Bank of India will allow unlimited transactions at its own ATMs. The free limit at other banks’ ATMs would remain the same for all customers — three transactions in metro cities and 5 transactions at ATMs in other cities and towns.
Customers who exceed the number of free transactions will have to pay a fee ranging from Rs 5 plus GST to Rs 20 plus GST. Cardless cash withdrawals at ATMs will be charged at Rs 22 plus GST. SBI salary account holders will continue to enjoy unlimited free transations at all ATMs.
Cash withdrawal: SBI account holders with AMB of up to Rs 25,000 are allowed two free cash withdrawals at bank branches. Those with AMB between Rs 25,000 and Rs 50,000 will get 10 free cash withdrawals...
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