Chennai: Starting today, State Bank of India (SBI) will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts.
Cash withdrawals by account holders of BSBD accounts will now be charged Rs 15 plus goods and services tax after the first four free transactions in a month. The charge will remain the same irrespective of which bank’s ATM the customer uses.
The bank’s announcement pertains to ATM and chequebook transactions only and no new charges will be levied on mobile and net banking.
SBI will levy charges ranging from Rs 15 to Rs 75 as ‘additional value-added services’ for BSBD account with effect from 1 July, 2021. However, non-financial transactions and transfer transactions will be free of cost at its branches, ATMs, CDMs (cash dispensing machines) for BSBD account holders.
Apart from SBI, Axis Bank, Bank of Baroda, IDBI Bank and Canara Bank are changing the rules from 1 July.