SBI has levied a fee on cash withdrawal from ATM or branch more than four times, the charge will also have to be paid on the check book
country’s largest bank State Bank Of India (SBI) has levied charges on ATM cash withdrawal or cash withdrawal from bank branch (ATM Transaction) more than four times every month. Account holders of Basic Savings Bank Deposit more than four times from July 1 Cash withdrawal from ATM or branch will have to pay an additional fee. This decision is going to have a big impact on the banking sector, because about one-third of the banking savings account holders in the country are from SBI. In SBI account holders Will also have to pay an additional fee for the use of more than 10 leaves of the check book in a year.
State Bank of India has said that if an SBI account holder withdraws cash more than 4 times from his bank branch, his ATM or other bank’s ATM, then he will have to pay Rs 15 plus GST. This fee will be payable on every withdrawal of cash withdrawal exceeding the limit of 4 times. Customers will have to pay a fee of Rs 15 to 75 on services ranging from cash withdrawal to check book. This arrangement is going to come into effect from July 1. However, digital exchange of money at a bank branch, ATM or cash dispensing machine will be completely free.
SBI said that the account holder (Basic Savings Bank Deposit) will be free to transact on 10 leaves of the check book i.e. ten checks in every financial year. After this, 40 rupees and GST will have to be paid on another check book of 10 leaves. Whereas for a check book of 25 leaves, 75 rupees and GST will have to be paid.
If there is a need for a check book in an emergency, then the account holder (BSBD account holders) will have to pay GST per 10 checks along with a fee of Rs 50. However, check book services for senior citizens are excluded from the charges. BSBD accounts are also known as zero balance savings accounts. Anyone can open such an account after KYC.