Finance

SBI made a change in the rules, now a penalty will have to be given if the ATM transaction fails

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State Bank of India (SBI), the country’s largest state-run bank, has changed the rules related to ATM transactions. Now if the bank does not have sufficient amount in the customer’s account and is withdrawing money from the ATM, then he will have to pay a penalty in case the transaction fails. Let me tell you that this rule is already in force in ICICI Bank, HDFC Bank (HDFC Bank), Kotak Mahindra Bank, Axis Bank and Yes Bank. Now State Bank has also implemented this rule. Know how much penalty will have to be paid if the ATM transaction fails and what are the rules related to the Reserve Bank of India (RBI).

According to the State Bank of India (SBI) website, if there is not enough balance in the customer’s account and he transacts through the ATM, then he will have to pay Rs 20 as penalty and also GST. Apart from this, the bank will also charge for non-financial transactions.

Transactions

State Bank (SBI) currently offers ATM transactions on Savings account 8 times a month without any charge. In this, there is a facility of 5 times transactions from ATMs of State Bank and 3 times from ATMs of other banks. State Bank provides 10 free ATAM transactions in non-metro cities. In this, transactions can be done 5 times from ATMs of SBI and 5 times from ATMs of other banks.

OTP is required to withdraw 10 thousand rupees or more from State Bank ATMs. This facility is available 24 hours at all State Bank ATMs. Explain that in terms of security, the State Bank made it necessary to use OTP from 1 January 2020.

There is an option to put OTP on the screen of ATM after withdrawing 10 thousand rupees or more from State Bank ATM. It comes on the registered mobile number of the OTP customer. OTP based cash withdrawal facility is available at all State Bank ATMs.

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In 2019, the Reserve Bank of India (RBI) made rules for such transactions which fail and for which the customer has no responsibility. According to the Reserve Bank’s rule, penalty can be imposed when the transaction fails due to customer mistake. As far as there is not enough amount in the bank account, it is the fault of the customer doing the transaction. He should know how much amount is in his account. At the same time, in some cases there is no fault of the customer behind the failure of the ATM transaction. In such cases the bank has to pay compensation to the customer.

According to the Reserve Bank of India (RBI), the customer will not be responsible if the ATM transaction fails due to disturbances in the communication link, lack of cash in the ATM and time out sessions.

The Reserve Bank of India has fixed the time for settlement of customer complaints on failed transactions and for auto reversal of funds. It is named Turn Around Time (TAT). If banks do not pay the customer during this time, they may have to pay compensation.

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