SBI: You may incur a fee of Rs 15 plus GST on cash withdrawal at SBI ATMs from tomorrow

Generally known as a zero balance savings account, SBI BSBD (Basic Savings Bank Deposit Account) can be opened by individuals of poorer sections of India with proper KYC documents. SBI Basic Savings Bank Deposit Account comes with a number of perks such as no limit on minimum and maximum balance, basic Rupay ATM-cum-debit card, free NEFT/RTGS service, no account closure charges, no charge for reactivating inactive accounts and so on. SBI, on the other hand, has modified its service charges for cheque book, transfer, certain non-financial transactions, and cash withdrawals from its own ATMs and bank branches. With effect from 1 July 2021, these charges would apply to the SBI BSBD account holders.

Cash withdrawal at SBI ATMs and non-SBI ATMs: According to SBI, BSBD account holders would be eligible for four free cash withdrawals each month at ATMs and bank branches. Every transaction that exceeds the free threshold will be levied a charge of Rs 15 + GST by the bank. This cash withdrawal fee will apply at SBI and non-SBI ATMs.

Cash withdrawal fees at SBI branches: After the first four free cash withdrawals at branch as well as ATM, SBI will recover a service charge of Rs 15 plus GST per transaction, according to the official website of the lender. Non-financial transactions and transfer transactions by BSBD account holders in SBI and non-SBI bank branches would be free of service charge, according to the lender.

In addition, BSBD account holders will enjoy 10 free cheque leaves every financial year from SBI. After the free limit, the bank will incur a fee of Rs 40 plus GST for a 10-leaf cheque book, Rs 75 plus GST for a 25-leaf cheque book, and Rs 50 plus GST for a 10-leaf or part-leaf emergency cheque book. Senior folks, on the other hand, will be excluded from these charges.

Additionally, by keeping the safety of its customers in mind amid the second wave of COVID-19, SBI has also issued contactless service that will help you with your urgent banking needs. On its twitter handle SBI today announced that "Stay safe at home, we are there to serve you. SBI provides you a contactless service that will help you with your urgent banking needs. Call our toll free number 1800 112 211 or 1800 425 3800."