SBI will revise cash withdrawal from ATMs, checkbook fees from that date
- SBI will deduct fees exceeding the four free cash withdrawals, as well as those made at branches and at the ATM
- A service charge will be levied after the first four free cash withdrawals, including at ATMs and branches, according to SBI
- BSBD account holders will receive 10 free checks every financial year from SBI
New Delhi: India’s largest lender, State Bank of India, is set to revise service fees for SBI Basic Savings Bank Deposit (BSBD) account holders. The new fees would apply to ATM withdrawals, check books, wire transfers and other non-financial transactions. The new fees will come into effect on July 1, 2021.
Note that the SBI Basic Savings Bank Deposit (BSBD) account can be opened by anyone providing valid KYC documents. The minimum balance required on the SBI BSBD account is zero while there is no limit on the maximum amount that can be kept in this account. BSBD account holders also have a Basic Rupay ATM debit card.
- Fees for cash withdrawals from SBI bank branches: SBI will deduct fees in excess of the four free cash withdrawals, as well as those made at a branch and at an ATM. In other words, BSI account holders who make more than four free cash withdrawals per month will be charged a service fee. Customers will be charged Rs 15 plus GST for each cash withdrawal transaction made at a branch / ATM.
- SBI ATM cash withdrawal fees: A service fee will be levied after the first four free cash withdrawals, including at ATMs and branches, according to the SBI. At SBI and non-SBI ATMs, a service fee of Rs 15 plus GST per withdrawal will be charged after the first four withdrawals.
New checkbook fees:
BSBD account holders will receive 10 free checks each financial year from SBI. After that, a ten sheet checkbook would cost Rs 40 plus GST. A 25 sheet checkbook will cost you Rs 75 plus GST. For a 10-sheet emergency checkbook or half of a 10-sheet emergency checkbook, Rs.50 plus GST would be charged.
The new service charges on check books are eliminated for the elderly. Non-financial transactions carried out by BSBD account holders at SBI and non-SBI bank branches would be free of service charges. It should be added that cash withdrawals can only be made using a withdrawal form at a branch or at an ATM, and there is no option to use a checkbook with a BSBD account.
Cash withdrawal limit:
SBI has doubled the amount of the cash withdrawal for oneself (by check) to Rs 1 lakh per day. The withdrawal of cash for oneself (via a withdrawal form) with a savings bank book has been increased five times to Rs 25,000 per day. Third party cash withdrawals, which were not previously allowed, have been set at Rs 50,000 per month (by check only).
Third party cash withdrawal, which was not previously allowed, has been set at Rs 50,000 per day (by check only). Note that the originating branch is a branch where the customer’s account is maintained. Branches other than their original branch are called non-original branches.
The revision of the limits for out-of-home transactions for customers in the âIndividualsâ segment is available until the end of September 2021.
The lender has also prohibited cash payment to third parties via withdrawal forms. Branches would verify the third party Know-Your-Customer (KYC) document (s) and keep them with the instruments.