New Delhi: From July 1, Bank State of India (SBI) will pick up charges for cash withdrawals outside of four free transactions in a month from customers who hold the Bank Savings (BSBD) account.
“According to revisions in service fees for BSBD accounts, SBI will charge fees from Rs 15 to RS 75 for additional services added value with the effect of July 1, 2021,” the largest lender said in the country in the notification.
The BSBD SBI account holder will also be charged for checkbooks outside 10 leaves in a year.
Non-finance transactions and transfer transactions will be free of charge in branches, ATMs, CDM (cash expenditure machines) for BSBD account holders.
SBI said it will charge Rs 15 plus GST (tax and service tax) per cash withdrawal for transactions in the bank branch, SBI ATM or other bank ATMs outside the 4 free cash withdrawal.
“Costs will be restored outside 4 free cash withdrawal transactions (including ATMs and branches),” SBI said.
In connection with checking book services, the first 10 leaf checks will be free of annual fees.
After that, the 10 leaf check book will be collected by Rs 40 plus GST; 25 Books Checking Leaves at Rs 75 Plus GST and Emergency Checkbooks will withdraw Rs 50 Plus GST fees for 10 leaves or parts, SBI said.
“However, senior citizens customers are excluded (on checkbook services),” said the state-owned lender.
BSBD account, known as the Zero balance savings account, can be opened by any individual after the valid KYC (clan) documentation.
According to a study revealed by IIT-Bombay in April this year, SBI obtained more than RS 300 Crore by imposing service fees at almost 12 BSBD Crore account holders during 2015-20.
The study observed that SBI collected Rs 17.70 fees for each debit transaction outside four in the BSBD account holder did not “make sense.” In accordance with research, in addition to SBI, the second largest public sector lender Punjab National Bank collected Rs 9.9 Crore from 3.9 BSBD Account Crore during the same period.
Tightening costs at BSBDA are guided by the September 2013 RBI guidelines.
In accordance with direction, this account holder is allowed more than four withdrawals’ in a month, the bank’s policy provided that the bank does not charge for the same thing.
(With input from agency)
SBI ATM, Branch Withdrawal & Check Services to Get More Expensive
