As per SBI's revised service charges for BSBD accounts, the bank's customers will have to pay charges ranging from Rs 15 to Rs 75 for "additional value added services" from July 1, 2021
The State Bank of India has revised the service charges for Basic Savings Bank Deposit (BSBD) accounts. As per the revised charges, the country largest lender will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the BSBD accounts. The revised charges will be applicable from July 1, 2021. The public sector bank will also levy charges for cheque book beyond 10 leaves in a year.
According to SBI’s revised service charges for BSBD accounts, the bank’s customers will have to pay charges ranging from Rs 15 to Rs 75 for “additional value added services” from July 1, 2021. However, non-financial transactions and transfer transactions will be free of cost at branches, ATM, CDM (cash dispensing machines) for the BSBD account holders.
Cash withdrawal charges
The public sector bank said it would charge Rs 15 plus GST per cash withdrawal for transactions at bank branches, SBI ATMs or from other bank’s ATMs beyond four free cash withdrawals. “Charges will be recovered beyond 4 free cash withdrawal transaction (including ATM and branch),” SBI said.
Cheque book charges
For SBI BSBD account holders, the first 10 cheque leaves will be free of cost in a financial year. After that, a 10 leaf cheque book will cost Rs 40 plus GST to the customer; a 25 leaf cheque book will cost Rs 75 plus GST and an emergency cheque book will attract a charge of Rs 50 plus GST for 10 leaves or part thereof.
However, senior citizen customers will be exempted from charges on chequebook services.
Who can open a BSBD account in SBI?
The SBI BSBD accounts can be opened by any individual after valid KYC (know your customer) documentation. BSBD accounts are primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.