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, chequebook, transfer and other non-financial transactions, SBI mentioned on its website. The new service charges will come into effect from 1 July 2021.
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 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, charges will be recovered beyond 4 free cash withdrawal transaction (including at ATM and branch). The service charge beyond the limit will be ₹15 plus GST at all SBI and non-SBI ATMs.
Chequebook charges
- SBI would provide 10 cheque leaves free in a financial year to BSBD account holders.
- Thereafter:
a) 10 leaf cheque Book at ₹40 plus GST
b) 25 leaf cheque Book at ₹75 plus GST
c) Emergency Cheque Book: ₹50 plus GST for 10 leaves or part thereof.
- Senior citizens are exempted from the new service charge on cheque book.
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
Transfer transactions will also be free at Branch and Alternate Channels for BSBD account holders.
What is an SBI BSBD account?
SBI BSBD account, popularly known as zero balance savings account is primarily meant for poorer sections of society in order to encourage them to start saving without any burden of charges or fees. The bank offers the same interest rate on zero balance accounts as on regular savings bank accounts.
For the SBI zero balance savings account, a basic RuPay ATM-cum-debit card will be issued free of cost and no annual maintenance charge will be applied. The bank does not levy any charge on activation of inoperative accounts. No account closure charges are levied either.
