SBI Revises Cash Withdrawal, Chequebook Charges for BSDS Accounts
The revised SBI charges will come into effect from 1 July 2021..
India's leading public sector bank, State Bank of India (SBI) has announced revised charges for cash withdrawal from ATMs, bank branches, and cheque book. The new rules are for the basic savings bank deposits (BSBD) account holders.
A BSDS account, also known as a zero-balance account, doesn’t mandate a minimum balance to be maintained. Therefore, one can start saving without any burden.
The revised charges will come into effect from 1 July 2021.
SBI's official website reads, "This account can be opened by any individual provided s/he has valid KYC documents. It’s primarily meant for the poorer sections of society to encourage them to start saving without any burden of charges or fees."
SBI Cash Withdrawal Revised Rules
Withdrawal using ATM: SBI, in its official notification says that charges will be levied beyond four free cash withdrawals at the rate of Rs 15 plus GST per transaction.
Withdrawal from SBI Branches: SBI will also allow four free cash withdrawals from bank branches to BSDS account holders. It will charge Rs 15 plus GST per withdrawal transaction after four free transactions.
Chequebook Charges: State Bank of India will provide the first 10 cheque leaves free in a financial year. Beyond that the charges will be as follows:
- 10-leaf chequebook at Rs. 40/- + GST
- 25-leaf chequebook at Rs. 75/- + GST
- Emergency chequebook: Rs. 50/- + GST for 10 leaves or part thereof
Note: Senior citizens are exempted from the new service charges on chequebook.
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