State Bank of India (SBI), India’s largest bank, has announced revised service charges for Basic Savings Deposit Accounts (BSBDs) customers. According to the bank’s official website, the new charges will take effect on 1st October 2026. 

Customers with SBI Basic Savings Deposit Accounts (BSBDs) who use the bank’s cash withdrawal service will be eligible for four free cash withdrawals per month starting on the effective date. However, cash withdrawal transactions beyond the first four free withdrawals in a month will be subject to charges of Rs 15 + GST (per transaction). 

“Cash withdrawal transactions include cash withdrawn from all modes like Branch, ATM, micro-ATM, AEPS, CASH@POS, etc. Transfer transactions carried out digitally by the customer through UPI, IMPS, NEFT, RTGS, POS, etc. continue to remain free,” SBI has said in a statement.

Apart from this, the service fees for Basic Savings Bank Deposit Accounts (BSBD) have not been revised by the bank for multiple services, such as a Basic RuPay ATM-cum-Debit Card, which will be provided at no cost, and there will be no annual maintenance fee. There will also be no charges for depositing or collecting cheques drawn by the Central or State Government, no fees for activating inactive accounts, and no charges for account closure.

According to SBI, anyone who does not currently have a BSBD account and holds the necessary KYC documents is eligible to create one, individually or jointly. Before opening a new BSBD account or converting an existing savings bank account to a BSBD account, the customer must inform the bank that they do not have an existing BSBD account at any bank.

According to the SBI website, the key features of SBI BSBD accounts include availability across all SBI branches, no requirement to maintain a minimum Average Balance (MAB) or minimum balance, and no upper limit on the account balance. Eligible account holders are also entitled to one free cheque book of 25 leaves per year. In addition, customers can access digital banking services such as YONO and internet banking, along with a basic RuPay debit card facility for eligible customers. There is also no monthly deposit limit.

Disclaimer: This article is for informational purposes only and does not constitute professional tax advice. Tax laws and regimes are subject to frequent changes by the government. Readers should verify details with official Income Tax Department notifications or consult a Chartered Accountant before making any financial decisions.