India’s largest public sector bank, the State Bank of India (SBI) has introduced new rules for cash withdrawal at its branches and ATMs. The fresh rules and regulation changes are also going to impact cheque book charges, transfer, and non-financial transactions. As per the official notification issued by the bank, the new rules will be applicable for Basic Savings Bank Deposits (BSBD) account holders of SBI, and will come into effect from July 1, 2021.
Basic Savings Bank Deposits (BSBD) are the accounts where there is no limit on minimum or maximum balance. SBI issues basic RuPay’s ATM-cum- debit card free of cost for BSBD account holders. There’s also no annual maintenance charges for ATM cards issued for this type of account. The BSBD account holders are exempted from any charge on account activation or closure.
New Cash Withdrawal Charges
The bank will be providing 4 free cash withdrawal transaction including withdrawals at ATMs and branches. For every additional cash withdrawal, account holders will have to pay a charge of Rs 15 with GST per cash withdrawal at any of its branches and ATMs
Cheque Book Charges
For BSBD account holders, SBI will be providing 10 free cheque leaves every financial year. Post that, the account holders will have to pay Rs 40 with additional GST for another 10 leaf cheque books. For 25 leaf cheque books, the bank will charge an amount of Rs 75 along with additional GST.
In case a customer needs an emergency cheque book, they can get it by paying Rs 50 plus applicable GST for the 10 leaf Emergency Cheque Book. However, the bank has exempted senior citizens from new service charges on cheque book.
SBI will not be levying any charge for non-financial transactions made by BSBD account holders on SBI and non-SBI branches.
Transfer transactions will also be free at Branch and Alternate Channels for BSBD account holders.