The State Bank of India (SBI) is going to introduce a lot of changes to the rules and charges that will be implemented from 1 July. With the new month setting in, customers must be aware of the new rules as SBI is going to renew its charges for ATM cash withdrawal, cash withdrawal from the branch, and cheque book.
What SBI charges on cash withdrawal from ATMs as well as branches?
As per the new set of rules, which will be effective from 1 July, SBI has added Rs 15 plus Goods and Services Tax (GST) on each transaction beyond four free transactions on both ATM cash withdrawal and branch withdrawal. The same charges or fees will be imposed on cash withdrawal from ATMs of other banks as well.
What is the current SBI ATM cash withdrawal limit?
SBI had earlier notified that the bank has increased the non-home withdrawal limits through cheques and withdrawal forms amid the pandemic. Also, one can withdraw cash up to Rs 25,000 for self, using the withdrawal form accompanied by the savings bank passbook.
SBI earlier increased the cash withdrawal limit using cheque to Rs 1 lakh per day. While the third-party cash withdrawals have been fixed at Rs 50,000 per month (only using cheque). Also, the revised ceilings are valid till 30 September.
How much does an SBI cheque book charge?
SBI is going to put a limit on the cheque leaf usage for its Basic Savings Bank Deposit Account (BSBDA) holders as well from 1 July. As per the new rule, customers are allowed to use only 10 cheque leaf without any charges in a financial year.
Also, using cheque leafs beyond this limit will be chargeable. So, after the use of the first 10 cheque leafs, here's what will be charged:
- For the next 10, customers will be charged Rs 40 plus GST - For the next 25, customers will be charged Rs 75 plus GST - While Rs 50 plus GST will be charged on Emergency Cheque Book for the first 10 cheque leafs. However, senior citizens are relieved from this cheque book use limit
Other SBI ATM cash withdrawal rules:
- SBI will not impose any charges for non-financial transactions by BBSD account holders at home and non-home branches - For BSBD account holders, transfer transactions will also be free at branch and alternate channels - SBI Basic Savings Bank Deposit account scheme has been launched for the poor section of people to encourage them to start saving without any burden of charges or fees - For BSBD account holders, no minimum balance or the maximum balance is required. Customers in this category are issued basic Rupay ATM-cum-debit cards - Only Indian citizens with valid KYC documents can open a BBSD account in SBI