SBI to charge Rs 15 - Rs 75 after 4th cash withdrawal

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State Bank of India will levy charges for cash withdrawal beyond four free transactions in a month from the basic savings bank deposit (BSBD) account holders.

It will charge Rs 15 plus GST per withdrawal for transaction at bank branches, SBI or other bank's ATMs beyond from fifth withdrawal.

The BSBD customers will also be charged for cheque book beyond 10 leaves in a year. Thereafter, 10 leaf cheque book will be levied Rs 40 plus GST; 25 leaf at Rs 75 plus GST and emergency cheque book at Rs 50 plus GST for 10 leaves or part thereof. "But, senior citizens are exempted (on cheque book services)."

Non-financial and transfer transactions will be free of cost at branches, ATM, CDM (cash dispensing machines) for the BSBD account holders.

BSBD accounts are primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

According to a study revealed by IIT-Bombay in April, SBI earned over Rs 300 crore throug service charges on nearly 12 crore BSBD accounts during 2015-20, and said the charges were not "reasonable."

July 1
Day the SBI will implement new rules