Home > Finance > New rules for SBI ATM cash withdrawal, chequebook from next month. Details here

New rules for SBI ATM cash withdrawal, chequebook from next month. Details here

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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 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

SBI BSBD account

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.

Cash withdrawal at SBI branches

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.

Cash withdrawal at SBI ATMs

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.

Chequebook charges

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.

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.

Meanwhile, SBI has also increased the ceiling for cash withdrawal by customers at non-home branches amid the second wave of coronavirus pandemic. “To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form,” the bank had announced on Twitter.

The country’s largest lender has hiked cash withdrawal for self (using cheque) to 1 lakh per day. The cash withdrawal using a withdrawal form along with a savings bank passbook has been increased to 25,000 per day. Moreover, the third-party cash withdrawals, have been fixed at 50,000 per month (only using cheque).

The revised ceilings are valid up till 30 September 2021.

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