Starting from next month, State Bank of India (SBI) is all set to change the rules and charges for cash withdrawals from its ATMs and bank branches. The new charges will be applicable for Basic Savings Bank Deposit (BSBD) account holders. There will be a host of changes on ATM cash withdrawals to cheque books to non-financial transactions, the lender mentioned. Know new rules
1) The changes will be applicable for SBI Basic Savings Bank Deposit account holders. Touted as zero balance savings account, SBI Basic Savings Bank Deposit account is meant for poorer sections of society to encourage them to start saving without any burden of charges or fees. Any individual who has valid KYC documents, can open a BBSD account in SBI.
2) ATM Withdrawal charges: For BSBD account holders, there will be four free cash withdrawals available — including ATMs and bank branches every month. The bank will apply a fee of Rs 15 plus GST for every transaction beyond the free limit. The charges on cash withdrawal will be applicable at home branch and ATMs and non-SBI ATMs.
3) Cheque Book Charges: State Bank of India will provide 10 cheque leaves in a financial year to BBSD account holders. After that, SBI will charge certain amount for providing cheques.
a) For 10 cheque leaves, the bank will charge Rs 40 plus GST.
b) For 25 cheque leaves, the bank will charge Rs 75 plus GST.
c) Emergency Cheque Book will cost Rs 50 plus GST for 10 leaves.
However, senior citizens will be exempted from theses new service charges on cheque book.
4) Cash Withdrawal at Branches: The bank will not impose any charges for non-financial transactions by BBSD account holders at home and non-home branches. Transfer transactions will also be free at branch and alternate channels for BSBD account holders, the lender said.
Cash Withdrawal Limit at Non-Home Branches Increased for All
SBI has recently increased the ceiling for cash withdrawal by customers at non-home branches. “To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form," the bank said on Twitter.
The cash withdrawal using cheque was hiked to to ₹1 lakh per day at branches. The cash withdrawal using a withdrawal form along with a savings bank passbook has been increased to ₹25,000 per day. Moreover, the third-party cash withdrawals, have been fixed at ₹50,000 per month (only using cheque). “No cash payments to third parties by withdrawal forms will be allowed," the bank stated. The revised ceilings are valid till till September 30. The new rule will be applicable to all SBI customers.