SBI: If you hold a Basic Savings Bank Deposit (BSBD) account with the State Bank of India (SBI), this update is crucial for you. SBI, being the largest public sector bank, has revised the cash withdrawal policies for these account holders. According to the new guidelines, if you exceed four cash withdrawals in a month, you will incur a fee of Rs 15 plus GST for each additional withdrawal. Nevertheless, a Basic Savings Bank Deposit account comes with several complimentary features. Let’s take a closer look at what is offered for free.
What is complimentary?
The first four cash withdrawals each month from a Basic Savings Bank Deposit (BSBD) account will continue to be free of charge. Furthermore, customers will incur fees for digital banking transactions. SBI has made it clear that digital transactions will remain free and without any limitations. This encompasses electronic remittances, allowing customers who utilize digital platforms for payments and transfers to avoid extra cash withdrawal fees.
With this account type, customers are not required to maintain a minimum balance, which also means they are exempt from any minimum balance fees. SBI’s Basic Savings Account includes a complimentary RuPay ATM or debit card, and there are no annual maintenance fees associated with this card. Customers can also receive funds through electronic payment methods like NEFT and RTGS without incurring any charges.
However, an individual with an SBI BSBD account cannot hold another SBI savings account at the same time. If you already possess a savings account, it typically needs to be closed within 30 days of opening the BSBD account.
What changes will take effect from October 1?
Under SBI’s new regulations, a fee of Rs 15 + GST will be applied for every cash withdrawal from a BSBD account after the first four transactions have been completed. These four transactions will include withdrawals made through various methods, such as withdrawing cash from SBI or any other bank ATM.
Withdrawal of cash through AePS i.e. Aadhaar Enabled Payment System
This means that customers will no longer be able to circumvent the four free withdrawal limit by using different means. It’s worth noting that until now, cash withdrawals made through AePS were not included in the four free transaction limit.