SBI new rule: India’s prime 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, switch and different non-financial transactions, SBI talked about on its web site. The new service charges will come into impact from 1 July 2021.
New service charges will come into effect for SBI Basic Savings Bank Deposit (BSBD) Account holders from July 1, 2021. The new charges would apply to ATM withdrawals, chequebook, transfer and other non-financial transactions. SBI Basic Savings Bank Account can be opened by any individual providing valid KYC documents. The minimum balance required in SBI BSBD account is nil while there is no limit on the maximum amount one can keep in this account. The BSBD account holders are provided also a Basic Rupay ATM-cum-debit card.
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. After that, Rs 40 plus GST would be charged for a 10 leaf cheque book. Rs 75 plus GST would be charged for a 25 leaf cheque book. For Emergency Cheque Book, Rs 50 plus GST would be charged for 10 leaves or part thereof. Senior citizens are exempted from the new service charge on cheque book.
There would not be any charges on non-financial transactions by BSBD account holders at SBI and non-SBI bank branches.
Early this month, SBI reduced Home Loan Interest Rates to 6.70%s. The bank had said that SBI Home Loan Interest rates are now starting as low as 6.70% for loans up to Rs. 30 lakh and 6.95% for loans above Rs. 30 lakh to Rs. 75 lakh. Home Loans above Rs. 75 lakh get highly attractive interest rates of 7.05%.
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?
State Bank of India has introduced SBI BSBD account or SBI Basic Savings Bank Deposit Account. It is commonly known as Basic Savings Bank Deposit Account. In this SBI BSBD account, one will get the same interest rate that the SBI savings bank account holder gets, but he will have some luxuries like no minimum balance maintenance, free ATM or debit card, etc. Most importantly, there is no upper limit or cap on maximum balance in the SBI BSBD account. one can open this SBI BSBD account through SBI net banking or using the SBI online services as well by fulfilling the SBI KYC requirements.
