The country’s main lender, State Bank of India (SBI), has revised the service fees for Basic Savings Deposit Account (BSBD) holders. The new fees would apply to ATM withdrawals, check books, wire transfers and other non-financial transactions, SBI said on its website. The new service fees will take effect on July 1, 2021.
Cash withdrawal at SBI branches
The bank will recover the costs beyond four free cash withdrawals. This includes transactions made at a branch as well as at an automated teller machine. The new rate is ??15 plus GST per branch / ATM cash withdrawal transaction.
Cash withdrawals from SBI ATMs
According to the SBI website, fees will be recovered beyond 4 free cash withdrawal transactions (including ATM and branch). Service charges beyond the limit will be ??15 plus TPS at all SBI and non-SBI ATMs.
- SBI would provide 10 free checks in a fiscal year to BSBD account holders.
a) 10-sheet check Book at ??40 plus GST
b) 25-sheet check Book at ??75 plus GST
c) Emergency checkbook: ??50 plus TPS for 10 sheets or part thereof.
- Seniors are exempt from the new checkbook service charges.
There would be no fees on non-financial transactions by BSBD account holders at SBI and non-SBI bank branches.
Transfer transactions will also be free at branches and alternative channels for BSBD account holders.
What is an SBI BSBD account?
The SBI BSBD account, commonly referred to as a zero balance savings account, is primarily aimed at the poorest segments of society to encourage them to start saving without any burden of fees or charges. The bank offers the same interest rate on zero balance accounts as it does on regular savings accounts.
For the SBI zero balance savings account, a basic RuPay ATM-cum-debit card will be issued for free and no annual maintenance fee will be applied. The bank does not charge any fees for activating inoperative accounts. No account closure fees are charged either.
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