Chequebook

SBI distributor, checkbook fees from July 1: all you need to know

Public lender State Bank of India (SBI) has said it will charge fees for cash withdrawals beyond four free transactions in a month from customers with basic savings bank deposit accounts ( BSBD).

The bank also announced that a fee will be levied on checkbook transactions in excess of 10 sheets per year.

Read | RBI Allows Banks To Raise ATM Transaction Fees: How It Affects Customers

WHAT IT MEANS FOR SBI CUSTOMERS

The bank’s announcement is only for ATM and checkbook transactions and no new fees will be levied on mobile and net banking services.

SBI will levy a fee ranging from Rs 15 to Rs 75 as “additional value added services” for the BSBD account from July 1, 2021. However, non-financial transactions and transfer transactions will be free at its branches, distributors automatic ticket machines, CDMs (cash dispensers) for BSBD account holders.

The bank said it would charge Rs 15 plus GST per cash withdrawal for transactions at bank branches, SBI ATMs or at other banks’ ATMs in excess of 4 free cash withdrawals.


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