Own a SBI account? Check out these changes made by SBI from July 1st.

Own a SBI account? Check out these changes made by SBI from July 1st.

Sherjeel Malik

SBI is set to introduce changes to the charges to its ATM cash withdrawal, withdrawal from branch and chequebook from July 1, 2021.

Basic Bank Deposit (BSBD) account holders will now only get four free cash withdrawal transactions. This would include both withdrawals from ATM as well as from SBI branches. Exceed four withdrawals and BSBD account holders will be charged.

Account-holders will also be charged beyond the use of the first 10 cheque leaves for cash withdrawals 

ATM and Branch cash withdrawal changes:

  • From July 1st onwards account-holders will now only get four free cash withdrawals transactions at ATMs and SBI branches.
  • Beyond this number, they will be charged Rs 15 plus GST (Goods and Services Tax) for each cash withdrawal at an SBI branch or ATM.
  • The same chargers will also apply if SBI customers withdraw cash from ATMs of banks other than the State Bank of India.

SBI Cheque Book Charges

State Bank of India has decided to limit free cheque leaf usages for its BSBD account holders.

From July 1 onwards, BSBD account holders are only allowed to use the first 10 cheque leaves without any charges being levied for the withdrawal transactions. Beyond this number, they will be charged as per the following matrix.

  1. Rs 40 plus GST for withdrawals using next 10 cheque leaves.
  2. For the next 25, Rs 75 plus GST.
  3. Rs 50 plus GST will be levied for using Emergency Cheque Book for the first 10 cheque leaves and beyond.

Senior citizens should note that they are exempted from the cheque book use limit.

(Data Source: Business Today).

BUSINESS INDIA