State Bank of India (SBI), the top lender of India, is all set to change the rules and charges for cash withdrawals from its ATMs and bank branches. The new rule will come into effect from next month, the lender said earlier. The new charges will be applicable for Basic Savings Bank Deposit (BSBD) account holders. From charges on ATM cash withdrawals to chequebooks and non-financial tansactions, take at look at new regulations
What is SBI Basic Savings Bank Deposit 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. Touted as zero balance savings account, there is no minimum balance or the maximum balance requirement for BSBD account holders. SBI issue basic Rupay ATM-cum-debit card to BSBD account holders. Any individual who has valid KYC documents, can open a BBSD account in SBI.
Cash Withdrawal Rules at SBI ATMs:
There will be four free cash withdrawals available for BSBD account holders — 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 the home branch and ATMs and non-SBI ATMs.
Cheque Book Charges:
The bank will provide 10 cheque leaves in a financial year to BBSD account holders. After that, SBI will charge certail amount 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.
However, senior citizens will be exempted from theses new service charges on cheque book.
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.
The bank 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.
SBI has recently increased cash withdrawal using cheque to ₹1 lakh per day. 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.
