atm withdrawal charges:
A transaction charge of Rs 423 + 18% GST or equivalent to 2.5% + 18% GST of the transaction amount, whichever is higher, will be levied on usage of the SBM Niyo Credit Card at ATMs.
EXAMPLE:
ATM withdrawal is for Rs. 10,000, 2.5 % is Rs. 250 + 18% GST. Here charge of Rs. 423+18% tax = Rs 499.14 is more, hence user will be charged Rs. 499.14. ATM withdrawal is for Rs. 50,000, 2.5% is Rs. 1250 + 18% GST. Here 2.5% of the withdrawal is higher than Rs. 423. hence user will be charged Rs. 1250 + 18% GST.
ATM WITHDRAWAL LIMITS AND LOGIC:
The limits for the Credit Card for ATM Transactions are as mentioned below:
* Per Transaction: Rs. 1,00,000 * Daily: Rs. 1,00,000 * Monthly: Rs. 2,00,000 * Yearly: Rs. 5,00,000
Daily Trxn Count: 500 Monthly Trxn Count: 10000
The below notes are subject to the ATM Withdrawal Limits mentioned above.
- Maximum ATM withdrawal limit = Total FD Created
- Users will only be able to withdraw an amount equal to their FD limit once a month (provided, the FD falls within the ATM Withdrawal limits mentioned above). On the 1st of every month, the credit card bill will be generated and the ATM withdrawal limit will also be renewed.
- If the customer adds an FD between the billing cycles (not the initial FD), the ATM limit gets updated as soon as the FD is successfully created. (provided, the FD falls within the ATM Withdrawal limits mentioned above)
RESPONSE for increasing "ATM Withdrawal Limit": You can increase your ATM withdrawal limit by creating more FDs. Please follow the below steps: Step 1. In the app, select “Credit Card” Step 2. Under the option “Fixed Deposits”, select the “Add FD” button Step 3. Enter your preferred FD amount and Nominee Name Step 4. Swipe the Pay button to book the FD Your updated credit card limit will be equal to the sum total of all your FDs. You can use this limit for all your transactions, such as ATM, online and swipe. Please note, your annual overall spending limit (via online, swipe and ATM) is ₹25 Lakhs even if your FDs exceed this amount.
APP VIEW:
On the application the below details will be available in regards to ATM Withdrawal - CTA (redirection link) showing the users that the monthly withdrawal limit is equal to the overall FD limit - Examples of ATM Withdrawal limit - The charge for withdrawals and mentions no interest on the withdrawals - Increase limit prompt that directs the user to increase limit (add a new FD)