State Bank of India (SBI) has planned several changes in terms of services for its customers. These changes will come into effect from 1st July 2021. The largest commercial bank in India will change the charges that it takes for ATM cash withdrawal, cash withdrawal from the branch and chequebook.
For Basic Savings Bank Deposit (BSBD) Accounts or SBI BSBD accounts, a customer will need to pay the charges after 4 free cash withdrawal transactions including ATM and from the branch. Besides this, SBI account holders not be paying any charges on the first 10 cheque leaf only. Cheque leaf beyond surpassing this ceiling this limit will be subject to charges that will come into effect after 1st July 2021.
Charges For Withdrawal From Branch
As per the SBI, cash withdrawal both at the branch and ATM is now subject to a limited number of transactions. SBI customers will need to pay for the charges applied from 1st July 2021. The transaction charge is composed of ₹15 plus GST (Goods and Services Tax) that SBI customers will need to pay on each cash withdrawal at branch channel or ATM after four free cash withdrawal.
SBI ATM Withdrawal Charges
From 1st July 2021, the largest Indian commercial bank will charge ₹15 plus GST applicable on each transaction after they use their window of four free transactions. The same charge will be levied on cash withdrawal from ATMs of other banks.
SBI Cheque Book Charges
From 1st July 2021, the bank will have limit the cheque leaves usage for its BSBD account holders as well. The new SBI cheque book charges will be effective from 1st July and as per it, a customer is allowed to use only 10 cheque leaves on which no charges will be levied but beyond that, a customer will have to pay charges. It means an SBI BSBD account holder can use only 10 cheque leaves with no charges applied on them in one financial year.
Following is the summation of the charges :
- The first chequebook having 10 leaves will be FREE in a financial year.
- Thereafter:-10 leaf Cheque Book Charges- Rs. 40 + GST– 25 leaf Cheque Book Charges- Rs. 75 + GST Emergency Cheque Book- Rs. 50 + GST for 10 leaves or part thereof.
- Rs 15 (+) GST per cash withdrawal transaction at Branch Channel.
- SBI ATMs: Rs 15 + GST
- Cash withdrawal from ATM of Other Banks: Rs 15 + GST
- However, Senior Citizen customers are exempted from such charges.