The State Bank of India (SBI) revised its rules and regulations for cash withdrawals from its ATMs, branches, as well as chequebook charges for the basic savings bank deposits (BSBD) account holders. According to an official statement released by the country's largest lender, the new rules and regulations for the basic savings account holders will come into effect from July 1, 2021. The basic savings bank accounts at the State Bank can be opened by providing valid KYC documents by individuals. (Also Read: State Bank of India Posts Record Profit Of ₹ 6,451 Crore In March Quarter )
There is no limit on the minimum or maximum balance assigned for these basic savings accounts. As there is no limit for the minimum balance in basic savings accounts, this means that the minimum balance is nil for account holders. State Bank of India's basic savings account holders are issued a basic Rupay ATM-cum-debit card. According to the official notification, the new rules for basic savings account holders are as follows:
State Bank of India (SBI) ATM, Cash Withdrawal, Chequebook Charges 2021:
Cash withdrawal at State Bank of India ATMs:
According to the state-run bank, the service charges will be recovered beyond four free cash withdrawal, including withdrawal at the ATM and Branch. The service charge beyond four free withdrawal will be Rs 15 plus GST per withdrawal at all SBI ATMs. The service charge levied for non-SBI bank ATMs is also Rs 15 plus GST.
Cash withdrawal at State Bank of India branches:
State Bank of lndia will recover charges beyond four free cash withdrawal charges, including at an SBI branch and ATM. The basic saving account holders will pay a service charge for making more than four free cash withdrawals in one month. The new service charge will be Rs 15 plus GST per cash withdrawal transaction at an SBI branch channel or an SBI ATM.
Chequebook charges for State Bank's basic savings account holders:
According to the new rules, State Bank will provide 10 cheque leaves free in a financial year to the basic savings account holders. After this, Rs 40 plus GST will be charged for a 10 leaf chequebook. Additionally, Rs 75 plus GST will be charged for a 25 leaf chequebook.
For an emergency chequebook, Rs 50 plus GST will be charged for 10 leaves or a part thereof. Senior citizens are exempted from the new service charge on chequebook, said the bank.
SBI would provide 10 cheque leaves free in a financial year to BSBD account holders. After that, Rs 40 plus GST would be charged for a 10 leaf cheque book. Rs 75 plus GST would be charged for a 25 leaf cheque book. For Emergency Cheque Book, Rs 50 plus GST would be charged for 10 leaves or part thereof. Senior citizens are exempted from the new service charge on cheque book.
The bank said that there will not be any charges levied on non-financial transactions by basic savings account holders at the SBI or non-SBI bank branches.
On Tuesday, May 25, shares of State Bank of India settled 0.05 per cent higher at Rs 412.25 apiece on the BSE.