SBI Rule Change: Cash Withdrawal from ATM, Check New Charges 2021
Here we come with a New IMP News in our informative blog site knowing stesps360. India’s largest public sector bank, the State Bank of India (SBI) has introduced new rules for cash withdrawal at its branches and ATMs. The fresh rules and regulation changes are also going to impact checkbook charges, transfers, and non-financial transactions. As per the official notification issued by the bank, the new rules will be applicable for Basic Savings Bank Deposits (BSBD) account holders of SBI and will come into effect from July 1, 2021.
Basic Savings Bank Deposits (BSBD) are the accounts where there is no limit on minimum or maximum balance. SBI issues basic RuPay’s ATM-cum- debit card free of cost for BSBD account holders. There are also no annual maintenance charges for ATM cards issued for this type of account. The BSBD account holders are exempted from any charge on account activation or closure.
New Cash Withdrawal Charges
The bank will be providing 4 free cash withdrawal transactions including withdrawals at ATMs and branches. For every additional cash withdrawal, account holders will have to pay a charge of Rs 15 with GST per cash withdrawal at any of its branches and ATMs
Cheque Book Charges
For BSBD account holders, SBI will be providing 10 free cheque leaves every financial year. Post that, the account holders will have to pay Rs 40 with additional GST for another 10 leaf checkbooks. For 25 leaf checkbooks, the bank will charge an amount of Rs 75 along with additional GST.
In case a customer needs an emergency checkbook, they can get it by paying Rs 50 plus applicable GST for the 10 leaf Emergency Cheque Book. However, the bank has exempted senior citizens from new service charges on checkbooks.
Non-Financial Transaction
SBI will not be levying any charge for non-financial transactions made by BSBD account holders on SBI and non-SBI branches.
Transfer transactions
Transfer transactions will also be free at Branch and Alternate Channels for BSBD account holders.
Cash withdrawal limit has been enhanced to? 1 lakh for customers using cheques at non-home branches if they withdraw the money themselves. While cash withdrawal by cheque for the third party has been enhanced to? 50,000 per transaction, State Bank of India tweeted.
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