SBI has changed the rule, now if the transaction from ATM fails, penalty will have to be paid, find out what this rule of RBI says : SBI, the country's largest bank, has changed the rules for withdrawing money from ATMs. Now if a customer does not have enough money in his account and withdraws money from the ATM, he will have to pay a penalty charge for the failed ATM transaction. ICICI, HDFC, Yes Bank, Kotak Mahindra, Axis Bank already have this rule in place. Find out how much to charge and what is the RBI's rule regarding failed transactions. Let's understand this with 10 questions and its answers.
Non-metro cities offer 10 free ATM transactions, including 5 transactions from SBI's ATMs and 5 transactions from other banks' ATMs.
Then whenever a customer withdraws Rs 10,000 or more from an ATM, he is asked to enter an OTP on the ATM screen. This OTP comes to the customer's registered mobile number. OTP based Cash Withdrawal facility is now available only at SBI ATMs. You can take advantage of it from 8 am to 8 pm.
The RBI had issued a circular to banks in 2019 saying that they would have to pay compensation without the customer's complaint or claim. If the customer does not get compensation, he can complain to the Banking Ombudsman of the Reserve Bank.
Under what conditions do banks have to reimburse the customer?
The RBI has set a time limit for banks to resolve customer complaints on field transactions and auto reversal of amounts. It is called Turn Around Time (TAT).
How much will SBI charge you?
According to the SBI website, the account will have insufficient balance and if a customer transacts through an ATM, he will have to pay a penalty charge of Rs 20 plus GST. The bank will also charge for non-financial transactions.
What are the current rules for free ATM transactions in SBI?
SBI currently allows Savings Account Holders to make 8 free transactions from ATMs in a month. You can do 5 transactions from SBI ATMs and 3 transactions from other banks' ATMs.Non-metro cities offer 10 free ATM transactions, including 5 transactions from SBI's ATMs and 5 transactions from other banks' ATMs.
Do I have to enter OTP to withdraw Rs 10,000 from ATM?
OTP is required to withdraw Rs 10,000 or more from SBI ATMs. The service is now available 24 hours a day at all ATMs of the bank. SBI launched OTP service on January 1, 2020 for customer protection.
Read Details in Gujarati From Here
What is the rule of transaction failure?
The Reserve Bank of India (RBI) in the year 2019 made a rule for banks regarding such failed transactions (for which the customer is not responsible). According to it, when you make a transaction from an ATM and it fails, there is a penalty charge on the customer, but this charge is levied in cases where the ATM transaction fails due to the customer's mistake. It is not the customer's fault that some ATM transactions fail. In such a case the customer is not charged. But banks have to pay compensation.If the customer does not get a refund, can he complain?
According to RBI guidelines, the customer will not be liable for transaction failure in some situations. For example, disturbance in communication links, lack of cash in ATM, time out sessions etc.
The RBI had issued a circular to banks in 2019 saying that they would have to pay compensation without the customer's complaint or claim. If the customer does not get compensation, he can complain to the Banking Ombudsman of the Reserve Bank.
Under what conditions do banks have to reimburse the customer?
The RBI has set a time limit for banks to resolve customer complaints on field transactions and auto reversal of amounts. It is called Turn Around Time (TAT).
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1 Comments for "SBI has changed the rule, now if the transaction from ATM fails, penalty will have to be paid, find out what this rule of RBI says"
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