In a significant development which is going to affect lakhs of State Bank of India (SBI) customers across India, the country’s largest lender has revised its rules and regulations for cash withdrawals from its ATMs, branches and chequebook charges for the basic savings bank deposits (BSBD) account holders.
The new rules and regulations for the basic savings account holders will come into effect from July 1, 2021. It is to be noted that an individual can open the basic savings bank accounts at SBI by providing valid KYC documents.
Cash withdrawal at SBI ATMs:
The service charges will be recovered beyond four free cash withdrawal, including withdrawal at the ATM and Branch. The SBI said that the service charge beyond four free withdrawal will be Rs 15 plus GST per withdrawal at all SBI ATMs. The service charge levied for non-SBI bank ATMs is also Rs 15 plus GST.
Withdrawal of cash at State Bank of India branches:
The SBI will recover charges beyond four free cash withdrawal charges, including at an SBI branch and ATM. The basic saving account holders will need to pay a service charge for making more than four free cash withdrawals in one month. The new service charge will be Rs 15 plus GST per cash withdrawal transaction from an SBI ATM or a SBI branch.
Chequebook charges for SBI’s savings account holders:
The SBI will now provide 10 cheque leaves free in a financial year to the basic savings account holders. After this, the SBI will charge Rs 40 plus GST for a 10 leaf chequebook and Rs 75 plus GST will be charged for a 25 leaf chequebook.
For an emergency chequebook, Rs 50 plus GST will be charged for 10 leaves. The SBI has exempted senior citizens from the new service charge on chequebook.