The country's largest commercial bank, State Bank of India (SBI), would modify its charges for ATM cash withdrawals, cash withdrawals from branches, and cheque books with effect from July 1, 2021. Charges will be recovered over the free four cash withdrawal transactions, including ATM and branch, for Basic Savings Bank Deposit (BSBD) accounts or SBI BSBD accounts. Apart from that, SBI account customers would be free from charges on the first ten cheque slips only. Not only SBI but on the other side Axis Bank is also going to change charges for SMS alerts. So if you are a customer of SBI or Axis Bank, then you need to know about the below discussed certain service charges that are going to change from July.
SBI BSBD Account Charges
Below are the certain bank service charges of SBI which are going to change from July, 2021.
SBI cash withdrawal charges at bank branch: Free cash withdrawals at branch network are now capped at 4, and above that limit, charges will be imposed on SBI account holders beginning July 1, 2021. Beyond the first four free cash withdrawals, SBI customers will be charged Rs 15 + GST (Goods and Services Tax) on each cash withdrawal from a branch or ATM starting from July 1st.
SBI withdrawal limit at ATM: SBI ATM cash withdrawal regulations are also set to take effect from July 1, 2021. According to SBI, Beyond the first four free transactions, each transaction will be charged Rs 15 + GST for both SBI and other ATMs.
SBI cheque book charges: According to the new SBI cheque book charges, which go into effect on July 1, a BSBD account holder is only permitted to utilise 10 check slips without incurring any charges in a financial year. After that, a 10-leaf cheque book will be charged Rs. 40/- plus GST and a 25-leaf cheque book costs Rs. 75/- plus GST. For 10 leaves or part thereof, an emergency cheque book costs Rs. 50/- + GST. Senior persons, on the other hand, are freed from the chequebook usage restriction.
Axis Bank SMS Alert Charges
Following the telecom regulatory authority's new regime, Axis Bank has recalculated its SMS charges. Instead of imposing a fixed charge of Rs 5 per month, the bank has announced that from July 2021, it would charge customers 25 paise for each SMS alert, up to a maximum of Rs 25 per month. This excludes promotional text messages, and OTP or one-time passwords. Meanwhile, Axis Bank has also revised interest rates on fixed deposit, click here to know more.