labels: hdfc bank, icici bank, sbi
SBI ties up for ATM network with ICICI Bank, HDFC Banknews
Our Banking Bureau
08 October 2003

Mumbai: The State Bank of India (SBI) has tied up with two major private sector banks, ICICI Bank and HDFC Bank, to create the largest domestic ATM network. The bank signed two separate memoranda with these two private sector banks.

Under the arrangement, customers of SBI and ICICI Bank can access each other's ATM network for a small fee. The customers of SBI and HDFC Bank will also enjoy similar benefits.

SBI and associates at present have 2,068 ATMs and ICICI Bank has a network of 1,725 ATMs. The SBI-ICICI Bank tie-up will give access to the combined network of 3,973 ATMs, spread across over 600 centres in the country.

ICICI Bank executive director Chanda Kochhar says the technology modalities are being worked out by the two banks and will be completed in the next 45 days. "Customers of both the banks can withdraw cash and enquire about their accounts by the new tie-up. Other services like depositing cash will be eventually included in the mutual services. A fee of Rs 18 and Rs 7 will be charged for cash transaction and other enquiries, respectively."

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SBI ties up for ATM network with ICICI Bank, HDFC Bank