India's biggest lender State Bank of India (SBI) is gearing up to change the rules and charges for cash withdrawals from its ATMs and bank branches from July 1. It is learnt that the new charges levied by SBI will be applicable for Basic Savings Bank Deposit (BSBD) account holders. From charges on ATM cash withdrawals to chequebooks and non-financial tansactions, here are the new regulations
SBI Basic Savings Bank Deposit account
SBI Basic Savings Bank Deposit account scheme was launched by the country's top lender for poor people to encourage them to start saving without any burden of charges or fees. Notably, no minimum balance or the maximum balance is required for BSBD account holders. BSBD account holders are issued basic Rupay ATM-cum-debit card. Any Indian citizen with valid KYC documents can open a BBSD account in SBI.
Cash withdrawal rules at ATMs of SBI
BSBD account holders will be able to avail four free cash withdrawals available — including ATMs and bank branches every month. SBI will apply a fee of Rs 15 plus GST for every transaction beyond the free limit. It is to be noted that cash withdrawal charges will be applicable at home branch and ATMs and non-SBI ATMs.
Cheque book charges
A total of 10 cheque leaves will be provided by SBI in a financial year to BBSD account holders. After that, a certain fee will be charged by SBI for providing cheques.
1) For 10 cheque leaves, the bank will charge Rs 40 plus GST.
2) For 25 cheque leaves, the bank will charge Rs 75 plus GST.
3) Emergency Cheque Book will cost Rs 50 plus GST for 10 leaves.
Senior citizens will be exempted from theses new service charges on cheque book.
The SBI has also 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.
Few days ago, SBI had increased cash withdrawal using cheque to Rs 1 lakh per day. The cash withdrawal using a withdrawal form along with a savings bank passbook has been increased to Rs 25,000 per day. The third-party cash withdrawals have been fixed at Rs 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 September 30.
