SBI to charge for cash withdrawal after four transactions in a month from July 1

State Bank of India (SBI) customers having basic savings bank deposit (BSBD) accounts will have to pay charges for cash withdrawal over four free transactions in a month and also for cheque book beyond 10 leaves in a year.

Country's largest lender will levy charges between Rs 15-Rs 75 for the "additional value added services" from July 1 as per the SBI's latest revision in service charges for BSBD accounts. Customers will have to pay Rs 15 plus GST per cash withdrawal for transaction at branches, SBI or other bank's ATMs beyond 4 free cash withdrawals.

A charge of Rs 40 plus GST will be levied on 10 leaf cheque book, Rs 75 plus GST on 25 leaf cheque book and an emergency cheque book will attract Rs 50 plus GST for 10 leaves for part thereof. "However, senior citizen customers are exempted (on cheque book services)," PTI reported.

As per this revision, non-financial transactions and transfer transactions at branches, ATMs, CDMs (cash dispensing machines) for BSBD account holders will be free of cost.

Any individual can open a BSBD account after valid know-your-customer (KYC) documentation. These accounts are primarily aimed at encouraging the poorer sections of the society to open a bank account without any burden of charges or fees.

Edited by Mehak Agarwal; with PTI inputs

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