ATM Withdrawals
SBI only PSU bank making money from ATM withdrawals, shows fin min data
This story was originally published at 14:10 IST on 24 March 2025
Register to read our real-time news.Informist, Monday, Mar. 24, 2025
NEW DELHI – State Bank of India is the only public sector bank that is not losing money on cash withdrawals made from automated teller machines, according to data shared by the Ministry of Finance with the Lok Sabha.
In response to a written question on Monday, data given by Minister of State for Finance Pankaj Chaudhary showed SBI was the only PSU bank in 2023-24 (Apr-Mar) with a positive income from ATM cash withdrawal charges collected from customers and the net interchange fee earned from other banks. As per the data, SBI earned INR 3.31 billion on this front, while all other 11 state-owned banks lost a combined INR 9.25 billion.
In fact, in the five years ended FY24, SBI earned a net INR 20.43 billion from ATM withdrawals, while the remaining 11 PSU banks lost a total of INR 37.39 billion over the same period, with Bank of Baroda (INR 8.24 billion), Union Bank of India (INR 6.69 billion), and Indian Bank (INR 6.33 billion) by far the biggest losers.
Bank customers can make five free transactions every month at ATMs operated by their bank and a further three free transactions at ATMs of other banks. The latter number rises to five for non-metro cities. Once the free transactions are exhausted, customers can be charged a maximum of INR 21 per transaction, plus any applicable taxes. Interchange fees for banks, meanwhile, stand at INR 17 for financial transactions and INR 6 for non-financial ones.
In FY24, a total of INR 32.59 trillion was withdrawn from ATMs, as per RBI data. For the first 10 months of FY25, the figure stood at INR 25.64 trillion. End
Reported by Siddharth Upasani
Edited by Avishek Dutta
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (11) 4220-1000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2025. All rights reserved.
To read more please subscribe
Share this Story:
