SBI’s new rules; Charges will be levied after four cash withdrawals from July 1, find out more | SBI’s new rules; Charges will be levied after four cash withdrawals from 1 July

SBI’s new rules; Charges will be levied after four cash withdrawals from July 1, find out more | SBI’s new rules; Charges will be levied after four cash withdrawals from 1 July

Non-financial transactions and transfer transactions will be free for BSBD account holders at branches, ATMs, CDMs (cash dispensing machines). (SBI’s new rules; Charges will be levied after four cash withdrawals from 1 July)

SBI's new rules;  Charges will be made after four cash withdrawals from July 1, find out more

Charges will be levied after four cash withdrawals from 1 July

New Delhi SBI Cash Withdrawal Charges: SBI, the country’s largest public sector bank, will now charge basic savings bank deposit holders (BSBD Account holders) after four free cash withdrawals per month. These customers will be charged for a check book of more than 10 pages in a year. As per the change in service charge in BSBD account, the bank will charge Rs 15 to Rs 75 for these works from July 1. (SBI’s new rules; Charges will be levied after four cash withdrawals from 1 July)

Non-financial transactions and transfer transactions at branches, ATMs, CDMs (cash dispensing machines) will be free for BSBD account holders. For more than four free cash withdrawals from branches with additional GST, SBI ATMs or other bank ATMs, it will charge Rs 15 per withdrawal, SBI said. SBI has said that charges will be levied after four free cash withdrawals from ATMs and branches.

Only 10 checkbooks free in a financial year

Only 10 checkbooks will be free in a financial year. Also, for check book service, first 10 checks will be issued free of cost in a financial year and then there will be a charge of Rs 40 for 10 pages of check book and Rs 75 for 25 pages. GST will be added separately for this. SBI said senior citizen customers have been given discounts on checkbook services.

SBI earned Rs 300 crore from these charges

There was a shocking report recently about the charges being levied on the Basic Savings Account. IIT Bombay had said in its study how the largest government banks in the country and some of the largest banks are making money from the accounts of the poor in the name of services. According to the report, SBI has collected Rs 308 crore in fees from BSBD account holders in the last six years. SBI has 12 crore BSBD account holders. PNB has 3.9 crore BSBD account holders. The bank has recovered Rs 9.9 crore from them in the name of transaction fees.

Fee of Rs.17.70 from SBI for each transaction

The report said that after four free transactions, SBI charges Rs 17.70 for each transaction. The RBI’s decision in September 2013 affected banks’ decision to recover fees from BSBDA account holders. Even basic savings account holders can do more than four transactions, the RBI said. It is up to the banks to decide whether to charge after four free transactions. (SBI’s new rules; Charges will be levied after four cash withdrawals from 1 July)

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