SBI Withdrawal Charges: Big news for SBI customers. The State Bank of India (SBI), the largest public sector bank in the country, has introduced important changes to the cash withdrawal policies for holders of Basic Savings Bank Deposit (BSBD) accounts. Starting from October 1, SBI will implement new service charges for cash withdrawals made at branches, which will have a direct effect on everyday customers.
As per a circular released by the bank, these updated rules will be applicable across the nation from October 1. If you hold a basic savings account with SBI, it’s crucial to familiarize yourself with these changes.
What changes will take effect on October 1?
According to SBI’s revised charge schedule, cash withdrawals from a bank branch will remain free for up to four times a month for Basic Savings Bank Deposit (BSBD) account holders (product codes: 1011-1701). However, any withdrawals exceeding four times in a month will incur a fee of Rs 15 per transaction plus GST.
For instance, if you visit a bank branch and make six cash withdrawals in a month, the first four will be free of charge. However, for the fifth and sixth withdrawals, you will be charged an additional Rs 15 + GST for each transaction.
What is an SBI Basic Savings (BSBD) account?
The Basic Savings Bank Deposit (BSBD) account is specifically designed for individuals who require fundamental banking services. There is no need to maintain a minimum balance. Basic deposit and withdrawal services are free, but the bank has now set limits on transactions conducted at the branch.
Who will be impacted by this change?
This new regulation will primarily affect account holders who withdraw cash from an SBI branch more than four times a month. Customers who primarily use digital banking methods (like UPI or net banking) or ATMs infrequently will not be significantly impacted.
How can you avoid extra charges?
Plan your cash withdrawals: Consider withdrawing a larger sum at the start of the month to ensure you stay within the free limit of four transactions.
Embrace digital payments: Instead of using cash for purchases, opt for UPI, QR codes, or debit cards.
Use ATM: Avoid going directly to the branch for small expenses.