India’s largest lender, State Bank of India (SBI) has made changes in services like cash withdrawals from ATMs and bank branches. Come July 1, these new charges will be applicable on chequebook, transfer and other non-financial transactions, as per the details mentioned on the website. This will also apply to Basic Savings Bank Deposit (BSBD) account holders.
Details about new rules and charges
From July 1, SBI would now provide 10 cheque leaves free in a financial year to BSBD account holders and then the bank will levy a certain amount for providing cheques.
10 leaf cheque Book at Rs 40 plus GST
25 leaf cheque Book at Rs 75 plus GST
Emergency Cheque Book: Rs 50 plus GST for 10 leaves or part thereof.
Notably, these new charges will not be applicable to senior citizens.
According to the SBI's website, four free cash withdrawals will be available — including ATMs and bank branches every month for BSBD account holders.
The bank will further apply a fee of Rs 15 plus GST for every transaction that crosses the free limit. The service charge will be applicable at home branch and ATMs and non-SBI ATMs which means BSBD account holders of BSI will have to pay a service charge for making more than four free cash withdrawals in a month.
SBI will not charge for any non-financial transactions by BBSD account holders at home and non-home branches. For BSBD account holders, transfer transactions will also be free at branch and alternate channels
At non-home branches, the cash withdrawal limit rose for all. The bank stated, “To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form.”
The withdrawal limit at SBI branches was hiked to Rs 1 lakh per day with the help of cheque. While, the cash withdrawal has been increased to Rs 25,000 per day, using a withdrawal form along with a savings bank passbook.
Besides that, the third-party cash withdrawals have been fixed at Rs 50,000 per month (only using cheque).