Mumbai: State Bank of India (SBI) account holders who maintain Minimum Average Balance (MAB) more than 1 lakh can avail unlimited free ‘cash withdrawals’ at bank branches, Live Mint reported.
It may be mentioned that every account holder has to maintain MAB which ranges from Rs. 1000 to Rs. 3000. If they fail to maintain it, bank imposes penalty.
MAB and free ‘cash withdrawals’
However, if the account holders maintain MAB up to Rs. 25000, they will get two free ‘cash withdrawals’. For MAB above Rs. 25000 and less than Rs. 50000, bank provides 10 free cash withdrawals whereas, the account holders who maintain MAB above Rs. 50000 and less than 1 lakh will get 15 free cash withdrawals.
Charges for transaction
It may be mentioned that the charges for transaction beyond free limit is Rs. 50 and GST.
Customers can withdraw a maximum amount of Rs. 50000 from non-home branches.
It may be noted that there is no limit on number of internet and phone banking transactions.