State Bank Of India (SBI) Amends ATM Cash Withdrawal Rules, Checkbook Fees For These Account Holders, Check Details

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Holders of a basic State Bank of India savings account are given a basic Rupay ATM debit card.

The State Bank of India (SBI) has revised its rules and regulations for cash withdrawals from its ATMs, branches, as well as checkbook fees for holders of Basic Savings Bank Deposit (BSBD) accounts . According to an official statement issued by the country’s largest lender, the new rules and regulations for holders of basic savings accounts will come into effect from July 1, 2021. Basic savings accounts at the Bank of Status can be opened by providing valid KYC documents. by individuals. (Read also: State Bank of India posts record profit of ₹ 6,451 crore in the March quarter)

There is no limit on the minimum or maximum balance allocated to these basic savings accounts. Since there is no limit for the minimum balance for basic savings accounts, this means that the minimum balance is zero for account holders. Holders of a basic State Bank of India savings account are given a basic Rupay ATM debit card. According to the official notification, the new rules for holders of a basic savings account are as follows:

State Bank of India (SBI) ATM Machine, Cash Withdrawal, 2021 Checkbook Fee:

State Bank of India cash withdrawals:

According to the state bank, the service charge will be recovered beyond four free cash withdrawals, including ATM and branch withdrawal. The service charge beyond four free withdrawals will be Rs 15 plus GST per withdrawal at all SBI ATMs. The service charge collected for non-SBI ATMs is also Rs 15 plus GST.

Withdrawing cash from branches of the State Bank of India:

The State Bank of India will recover fees beyond four free cash withdrawal fees, including at SBI branch and ATM. Basic savings account holders will pay a service fee for making more than four free cash withdrawals in a month. The new service charge will be Rs 15 plus GST per cash withdrawal transaction at an SBI branch or SBI ATM.

Checkbook Fees for Holders of a Basic State Bank Savings Account:

Under the new rules, the State Bank will provide 10 free checks during a fiscal year to holders of a basic savings account. After that Rs 40 plus GST will be charged for a 10 sheet checkbook. In addition, Rs 75 plus GST will be charged for a 25 sheet checkbook.

For an emergency checkbook, Rs.50 plus GST will be charged for 10 sheets or part thereof. Seniors are exempt from the new checkbook service charge, the bank said.

SBI would provide 10 free checks in a fiscal year to BSBD account holders. After that, Rs 40 plus GST would be charged for a 10 sheet checkbook. Rs 75 plus GST would be charged for a 25 sheet checkbook. For the emergency checkbook, Rs.50 plus GST would be charged for 10 sheets or part thereof. Seniors are exempt from the new checkbook service charges.

The bank said there would be no fees levied on non-financial transactions by holders of basic savings accounts at SBI or non-SBI bank branches.

On Tuesday, May 25, shares of the State Bank of India rose 0.05% to 412.25 rupees each on BSE.


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