SBI Changes Rules For Withdrawing Money, Will Be Applicable From July 1

Country’s largest state-run bank State Bank of India (SBI) has changed the rules for withdrawing money from accounts and ATMs. These new rules will come into effect from July 1, 2021. It is important for every customer of the bank to know about these rules as this will affect them.

The SBI said that the changes have been made in check book charges, money transfer and non-financial transactions from the bank. These rules will be applicable to Basic Savings Bank Deposit or Basic Savings Deposit (BSBD). The BSBD accounts are those which are operated in every branch of the bank and there is no limit on minimum and maximum balance. That is, there is no obligation to maintain a minimum amount every month in this account. Basic RuPay ATM cum Debit cards are given to BSBD account holders.

The SBI said that the service of the bank’s branch, channel or ATM or CDM can be taken for non-financial transactions. Withdrawal of money from SBI’s or other bank’s ATMs is free for Basic Savings Deposit (BSBD) account holders.

According to the new rule, if you do non-financial transactions, then there will be no need to pay any fee for this. If you have availed the facility of cash withdrawal 4 times in a month, then the next time you will have to pay Rs 15 plus GST for withdrawing money from the bank branch or ATM. You will have to pay this much charge on every withdrawal after four.

In the new rule, it has been said that a 10-page check book will be given free of cost to every customer in a financial year by SBI. This facility will also be applicable for basic account holders.

After the 10-page check book is over, if the customer wants to take it separately, then by paying Rs 40 plus GST, you can get a 25-page checkbook. This cost will come around 75 rupees. If a customer wants an emergency check book, he will have to pay Rs 50 in addition to GST. However, for senior citizens, there is an exemption from paying extra money for taking checks.

What is Basic Savings Account?

SBI BSBD account is also called zero balance account. There is no penalty even if there is no minimum balance in this account, or even if the account is empty. This account has been started for the poor section of the society or especially those who are deprived of banking services. BSBD account has been started to encourage people to open bank accounts. In this, you can save even with a very low budget.

You can take advantage of cash withdrawal without paying any charges. The same interest is available on this as is available on the regular account. If this account is already inactive, there is no separate fee for starting it. If you want to close the account then there is no charge for it.

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