The State Bank of India (SBI) has revised the service fees for cash withdrawals from its ATMs and bank branches. The new fees would apply to the checkbook, wire transfers and other non-financial transactions, the lender said on its website. The new service fees will take effect from July 1, 2021 and will be applicable for Basic Savings Deposit (BSBD) account holders.
SBI BSBD Account
The SBI BSBD account, commonly referred to as a zero balance savings account, is primarily intended for the poorest segments of society. The bank offers the same interest rate on zero balance accounts as it does on regular savings accounts.
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 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, four free cash withdrawals will be available, including ATMs and bank branches each month for BSBD account holders. The bank will apply a charge of ??15 plus GST for each transaction over the free limit. Cash withdrawal fees will be applicable to the home branch and ATMs and not SBI.
SBI would provide 10 free checks in a fiscal year to BSBD account holders. After that, SBI will charge a certain amount for the delivery of the checks.
- 10 sheet check Book on ??40 plus GST
- 25-sheet check Book on ??75 plus GST
- Emergency checkbook: ??50 plus TPS for 10 sheets or part thereof.
However, seniors will be exempt from these 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 in branch and on alternative channels for these account holders, the lender said.
Meanwhile, SBI has also increased the cap on cash withdrawals by customers at out-of-home branches amid the second wave of the coronavirus pandemic. “To support our customers in this pandemic, SBI has increased the limits for withdrawing cash out of home via a check and a withdrawal form,” the bank announced on Twitter.
The largest lender in the country has increased cash withdrawals for oneself (by check) to ??1 lakh per day. Cash withdrawals using a withdrawal form accompanied by a savings bank book have been made to ??25,000 per day. In addition, cash withdrawals from third parties have been set at ??50,000 per month (only by check).
The revised ceilings are valid until September 30, 2021.
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