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SBI Cheque Book & Cash Withdrawal Charges Revised For Basic Savings Account, Details Inside

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Charges for State Bank of India (SBI) cash withdrawals, and cheque book are revised. From July 1, 2021, new service charges will apply to SBI Basic Savings Bank Deposit (BSBD) account holders. Withdrawals from ATMs, cheque book, transfers, and other non-financial transactions will all be subject to the new charges. Any individual with valid KYC documents can open an SBI Basic Savings Bank Account. The minimum balance needed in an SBI BSBD account is zero, and the maximum amount that can be kept in this account is limitless. A Basic Rupay ATM/cum-debit card is also issued to BSBD account holders. Withdrawals can only be made using a withdrawal form at a branch or by an ATM; and there is no option to use a cheque book with a BSBD account. The following are the latest service charges that will apply to SBI Basic Savings Bank Deposit (BSBD) account holders.

 

SBI Cheque Book & Cash Withdrawal Charges Revised For Basic Savings Account

Cash withdrawal charges at SBI bank branches

The bank will deduct charges in excess of the four free cash withdrawals, plus those made at a branch and at an ATM. In other words, BSI account holders who make more than four free cash withdrawals in a month will be charged a service fee. Customers will be charged Rs 15 plus GST for each cash withdrawal transaction made at a Branch Channel/ATM.

Cash withdrawal charges at SBI ATMs

Service charges will be charged after the first four free cash withdrawals, including at ATMs and branches, according to SBI. At both SBI and non-SBI ATMs, there will be a service charge of Rs 15 plus GST per withdrawal after the first four withdrawals.

New cheque book charges

BSBD account holders will get 10 free cheque leaves every financial year from SBI. After that, a ten-leaf cheque book would cost Rs 40 plus GST. A 25-leaf cheque book will cost you Rs 75 plus GST. For a 10 leaf or half of a 10 leaf Emergency Cheque Book, Rs 50 plus GST would be charged. The new service fee on cheque books is waived for senior citizens. Non-financial transactions by BSBD account holders at SBI and non-SBI bank branches would be free of service charge.

Key things to know about SBI BSBD account

A person can open this account as long as he or she has legitimate KYC documents. Read below to learn more about the BSBD account:

 
  • Anyone with current KYC documents is allowed to open a BSBD account.
  • A BSBD account can be opened individually, jointly, or in combination with Either or Survivor, Former or Survivor, anyone or Survivor, and so on.
  • If the customer has a Basic Savings Bank Deposit Account, he or she cannot have any other Savings Bank Account. If the applicant has a Savings Bank Account, it must be closed within 30 days of the Basic Savings Bank Deposit Account being opened.
  • In a month, you can make up to four free cash withdrawals, including ATM withdrawals at your own and other Bank's ATMs, cash withdrawals at branch outlets, and AEPS cash transactions.
  • A basic RuPay ATM-cum-Debit card will be provided to the account holder free of charge, and there will be no annual maintenance fee.
  • Funds can be received/credited for free via electronic payment platforms such as NEFT/RTGS.
  • Cheques drawn by the state or central government would be free to deposit and collect.
  • There is no charge for reactivating inactive accounts.
  • No charges required for closing an account.

Read more about: sbi
Story first published: Monday, May 24, 2021, 16:26 [IST]
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