News Edition 24 Desk: State Bank of India (SBI) has revised service charges for cash withdrawals from its ATMs and bank branches. The new charges would apply to the chequebook, transfer and other non-financial transactions, the lender had mentioned on its website. The new service charges will come into effect from 1 July 2021 and will be applicable for Basic Savings Bank Deposit (BSBD) account holders.
Notably, SBI would provide 10 cheque leaves free in a financial year to BSBD account holders. After that, SBI will charge a certain amount for providing cheques.
10 leaf cheque Book at ₹40 plus GST
25 leaf cheque Book at ₹75 plus GST
Emergency Cheque Book: ₹50 plus GST for 10 leaves or part thereof.
However, senior citizens will be exempted from these new service charges on cheque book.
As per the SBI’s website, there will be four free cash withdrawals available- including ATMs and bank branches every month for BSBD account holders. The bank will apply a fee of ₹15 plus GST for every transaction beyond the free limit. The charges on cash withdrawal will be applicable at the home branch and ATMs and non-SBI ATMs.
The bank will recover charges beyond four free cash withdrawal transactions. This includes the transactions done at a branch as well as a bank ATM. The new charge is ₹15 plus GST per cash withdrawal transaction at Branch Channel/ATM.
There would not be any charges on non-financial transactions by BSBD account holders at SBI and non-SBI bank branches. Transfer transactions will also be free at the branch and alternate channels for these account holders, the lender said.
Notably, SBI BSBD account, popularly known as zero balance savings account is primarily meant for poorer sections of society. The bank offers the same interest rate on zero balance accounts as on regular savings bank accounts.