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SBI to levy charges for cash withdrawal beyond 4 free transactions per month – Times of India


NEW DELHI: From July 1, State Bank of India (SBI) will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts.
“As per the revision in service charges for BSBD accounts, SBI will levy charges ranging from Rs 15 to Rs 75 for the additional value added services with effect from July 1, 2021,” the country’s largest lender said in a notification.
SBI BSBD accountholders will also be levied charges for cheque book beyond 10 leaves in a year.
Non-financial transactions and transfer transactions will be free of cost at branches, ATM, CDM (cash dispensing machines) for the BSBD account holders.
SBI said it will charge Rs 15 plus GST (goods and services tax) per cash withdrawal for transaction at bank branches, SBI ATM or from other bank’s ATMs beyond 4 free cash withdrawals.
“Charges will be recovered beyond 4 free cash withdrawal transaction (including ATM and branch),” SBI said.
With respect to cheque book services, first 10 cheque leaves will be free of cost in a financial year. Thereafter, 10-leaf cheque book will be levied Rs 40 plus GST; 25 leaf cheque book at Rs 75 plus GST and emergency cheque book will attract a charge of Rs 50 plus GST for 10 leaves or part thereof, SBI said.
“However, senior citizen customers are exempted (on cheque book services),” the state-owned lender mentioned.
BSBD accounts, popularly known as zero balance savings account, can be opened by any individual after valid KYC (know your customer) documentation.
According to a study revealed by IIT-Bombay in April this year, SBI earned over Rs 300 crore by way of imposing service charges on nearly 12 crore BSBD account holders during 2015-20.
The study observed that SBI levying a charge of Rs 17.70 for every debit transaction beyond four on the BSBD account holders was not “reasonable.”
As per the study, apart from SBI, the second largest public sector lender Punjab National Bank collected Rs 9.9 crore from from 3.9 crore BSBD accounts during the same period.
Levying of charges on BSBDA is guided by September 2013 RBI guidelines. As per the direction these accounts holders are ‘allowed more than four withdrawals’ in a month, at the bank’s discretion provided the bank does not charge for the same.
(With inputs from agencies)





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