The State Bank of India (SBI) revised its rules and regulations for cash withdrawals from its ATMs, branches, as well as checkbook charges for the basic savings bank deposits (BSBD) account holders. According to an official statement released by the country’s largest lender, the new rules and regulations for the basic savings account holders will come into effect from July 1, 2021. The basic savings bank accounts at the State Bank can be opened by providing valid KYC documents by individuals.
There is no limit on the minimum or maximum balance assigned for these basic savings accounts. As there is no limit for the minimum balance in basic savings accounts, this means that the minimum balance is nil for account holders. State Bank of India’s basic savings accounts holders is issued a basic Rupay ATM-cum-debit card.
The bank will recover charges beyond four free cash withdrawal transactions. This includes the transactions done at a branch as well as a bank ATM. The new charge is ₹15 plus GST per cash withdrawal transaction at Branch Channel/ATM.
Cash withdrawal At SBI ATMs
As per the SBI’s website, charges will be recovered beyond 4 free cash withdrawal transactions (including at ATM and branch). The service charge beyond the limit will be ₹15 plus GST at all SBI and non-SBI ATMs.
Chequebook charges
SBI would provide 10 cheque leaves free in a financial year to BSBD account holders.
Thereafter:
- a) 10 leaf cheque Book at ₹40 plus GST
- b) 25 leaf cheque Book at ₹75 plus GST
- c) Emergency Cheque Book: ₹50 plus GST for 10 leaves or part thereof.
Senior citizens are exempted from the new service charge on cheque book.
Non-financial transactions
There would not be any charges on non-financial transactions by BSBD account holders at SBI and non-SBI bank branches.
Transfer transactions
Transfer transactions will also be free at Branch and Alternate Channels for BSBD account holders.
