Big news for SBI bank customers, there will be a charge for withdrawing cash more than 4 times every month

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SBI Cash Withdrawal Charges: Will charge between Rs 15 to Rs 75 for value added services on basic savings accounts from July 1, 2021.




SBI Cash Withdrawal Charges: There is big news for the country’s largest bank State Bank of India Bank customers. The bank has informed that charges will be levied for withdrawing cash more than 4 times every month in Basic Savings Bank Deposit Accounts (BSBD Account). The limit for free cash withdrawal is 4 times in a month. Along with this, customers will also have to pay charges on checkbooks with more than 10 checks in a year.

service charge increased

State Bank of India (SBI) will levy a charge between Rs 15 and Rs 75 for additional value-added services on savings accounts with effect from July 1, 2021.

However, non-financial transactions, money transfers etc. at branches, ATMs and cash dispensing machines will remain free for the savings account holders.

But, for withdrawing cash more than 4 times every month from a bank branch, SBI ATM or any other bank ATM, every withdrawal will attract a charge of Rs 15 including GST.

Charge on check book

The bank has said that the first 10 check leaves in a financial year will be free but after that every 10 leaf check book will attract Rs 40 along with GST. At the same time, for a check book with 25 leaves, additional GST will have to be paid along with Rs 75. There will be a charge of Rs 50 for emergency check book.

However, senior citizen customers of the bank are exempted from the charges on checkbooks.

BSBD account

To open a Basic Savings Bank Deposit account, only the necessary KYC is required. Such accounts are specially opened for the economically weaker section so that they can move towards savings.

How Much Earning From SBI Charges?

According to a report by IIT-Bombay, State Bank has earned Rs 300 crore through charges from about 12 crore BSBD accounts between 2015-20. It has been said in the study that it is not right for SBI to charge Rs 17.7 on each withdrawal after 4 transactions. At the same time, Punjab National Bank, the second largest public sector bank, has earned Rs 9.9 crore as charges from 3.9 crore BSBD accounts in the same 5 years.

These charges are levied as per the guidelines of the Reserve Bank of India of September 2013.



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