The country’s top lender State Bank of India (SBI) has revised service charges for Basic Savings Bank Deposit (BSBD) account holders. The new charges would apply to ATM withdrawals, chequebooks, transfers, and other non-financial transactions. The new charges have come into effect from today (July 1, 2021), the lender had mentioned on its website.
State Bank of India (SBI) Basic Savings Bank Deposit (BSBD) account, popularly known as zero balance savings account was designed as a savings account that will offer certain minimum facilities, free of charge, to the holders. Such accounts are primarily aimed at enhancing financial inclusion among the economically weaker sections.
Cash withdrawal at SBI branches
The bank will recover charges beyond four free cash withdrawal transactions. This includes the transactions done at a branch as well as a bank ATM. The new charge is ₹15 plus GST per cash withdrawal transaction at Branch Channel/ATM.
Cash withdrawal at SBI ATMs
As per the SBI’s website, there will be four free cash withdrawals available — including ATMs and bank branches every month for BSBD account holders. The bank will apply a fee of ₹15 plus GST for every transaction beyond the free limit. The charges on cash withdrawal will be applicable at the home branch and ATMs and non-SBI ATMs.
Chequebook charges
SBI would provide 10 cheque leaves free in a financial year to BSBD account holders. After that, SBI will charge a certain amount for providing cheques.
10 leaf cheque Book at ₹40 plus GST
25 leaf cheque Book at ₹75 plus GST
Emergency Cheque Book: ₹50 plus GST for 10 leaves or part thereof.
However, senior citizens will be exempted from these new service charges on cheque book.
Charges on non-financial transactions
There would not be any charges on non-financial transactions by BSBD account holders at SBI and non-SBI bank branches. Transfer transactions will also be free at the branch and alternate channels for these account holders, the lender said.
