Newz Desk, Durgapur: State Bank of India (SBI) is set to revise its rules for customers holding Basic Savings Bank Deposit (BSBD) accounts from October 1, introducing charges for cash withdrawals beyond the permitted monthly limit.
Under the revised rules, customers will be allowed four cash withdrawals per month free of charge. Any additional cash withdrawal after the first four will attract a charge of ₹15 plus applicable Goods and Services Tax (GST).
The new rules will apply to customers making multiple withdrawals through ATMs, bank branches and other authorised channels during the same month. SBI has also revised the treatment of digital transactions under the monthly free transaction limit. While digital transactions were earlier excluded from the four free transactions, they will now be counted within the prescribed monthly limit.
The BSBD account has been designed to provide basic banking services at minimal cost, particularly for customers from financially weaker sections and those seeking simple savings facilities. One of the key features of the BSBD account is that customers are not required to maintain a minimum balance. The account is therefore structured to offer essential banking services with fewer financial obligations compared with regular savings accounts.
The revised withdrawal rules are expected to encourage customers to use digital and other banking channels more efficiently while reducing frequent cash transactions beyond the prescribed limit.
