SBI has doubled cash withdrawal limit l for self (via cheque) to Rs 1 lakh per day. Cash withdrawal for self (through a withdrawal form) along with a Savings bank passbook has been raised to Rs 25,000 per day
New Delhi: India’s largest commercial lender the State Bank of India (SBI) has temporarily hiked the ceiling for non-home cash withdrawal for self and has also enabled non-home cash withdrawal by third-parties at its branches so that customers don’t have to travel fard amid Covid-19 pandemic to meet their urgent cash requirements.
Cash withdrawal limit:
SBI has doubled the amount of cash withdrawal for self (via cheque) to Rs 1 lakh per day. Cash withdrawal for self (through a withdrawal form) along with a Savings bank passbook has been raised five times to Rs 25,000 per day. Third-party cash withdrawals, which were not allowed earlier, have been fixed at Rs 50,000 per month (only via cheque).
Cash withdrawal by a third party, which was not allowed earlier, has been pegged at Rs 50,000 per day (using cheque only). Note that home branch is a branch where the customer’s account is maintained. Branches other than their home branch are called non-home branches.
The revision in ceilings for non-home transactions for ‘Personal’ segment customers is available up to September-end 2021.
The lender has also disallowed cash payment to third parties via withdrawal forms. Branches would verify Know-Your-Customer (KYC) document(s) of the third party and preserve them along with the instruments.
New Charges:
Cash withdrawal charges at SBI bank branches: SBI will deduct charges in excess of the four free cash withdrawals, plus those made at a branch and at an ATM. In other words, BSI account holders who make more than four free cash withdrawals in a month will be charged a service fee. Customers will be charged Rs 15 plus GST for each cash withdrawal transaction made at a Branch Channel/ATM.
Cash withdrawal charges at SBI ATMs: Service charges will be levied after the first four free cash withdrawals, including at ATMs and branches, according to SBI. At both SBI and non-SBI ATMs, there will be a service charge of Rs 15 plus GST per withdrawal after the first four withdrawals.
New cheque book charges: BSBD account holders will get 10 free cheque leaves every financial year from SBI. After that, a ten-leaf cheque book would cost Rs 40 plus GST. A 25-leaf cheque book will cost you Rs 75 plus GST. For a 10 leaf or half of a 10 leaf Emergency Cheque Book, Rs 50 plus GST would be charged. The new service fee on cheque books is waived for senior citizens. Non-financial transactions by BSBD account holders at SBI and non-SBI bank branches would be free of service charge.
It is worth adding that cash withdrawals can only be made using a withdrawal form at a branch or by an ATM; and there is no option to use a cheque book with a BSBD account.
