4 free cash withdrawals, new rules

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From July 1, the State Bank of India (SBI) will begin to implement a new set of rules that will levy certain fees on cash withdrawals from its automatic teller machines (ATMs) as well as branches after hours. first four cash withdrawals. These new changes will mainly be implemented on holders of Basic Savings Bank Deposit Accounts (BSBDs). There will also be a wide range of other changes to follow. Here are the changes that will take place.

BSBD accounts facing cash withdrawal fees: Customers who hold BSBD accounts will be the primary target of these new changes, including fees levied by SBI for cash withdrawals at lender’s ATMs and bank branches. A BSBD account is basically a zero or minimum balance account which is provided as a savings account which will offer certain minimum facilities, free of charge.

In accordance with the revised service fee for these BSBD accounts, SBI will levy a fee ranging from Rs 15 to Rs 75 for additional value-added services after the first four free withdrawals. However, non-financial transactions and transfer transactions will remain free, whether at branches, ATMs or even automatic cash dispensers (CDMs).

Checkbook Fees to come: With regard to the use of check books and support services, the holder is entitled to the first 10 check holidays to be provided free of charge during a given financial year. After these first 10, the next 10-sheet checkbook will be charged Rs 40 plus GST, 25-sheet checkbooks will be charged Rs 75 plus GST and the emergency checkbook will incur a fee of Rs.50 plus GST for 10 sheets depending on new lender changes.

Seniors are the exception to the rule and no fees will be billed to them in the event of a checkbook and ancillary services.

The impact of these changes by SBI

These changes and additional fees will have the most impact on BSBD account holders and since these types of accounts are aimed at marginalized sections of society, it will have a drastic impact on their banking access. Zero or minimum balance accounts were created with the aim of encouraging marginalized and economically poorer sections of society to invest and save their money.

New rules and regulations prevent these account holders from easily accessing their savings and performing financial transactions. SBI also recently increased the limit on cash withdrawals by its customers at out-of-home branches. The lender has also increased the prices of cash withdrawals for customers using checks, savings accounts and third party withdrawals.

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