SBI To Levy Charges For Cash Withdrawal Beyond 4 Transactions Per Month

State Bank of India (SBI) will now levy charges for withdrawal of cash beyond four free transactions per month from customers who hold the basic savings bank deposit (BSBD) account.

This will be effective from July 1 (Thursday).

The charges will range from Rs 15 to Rs 75 for the "additional value added services", it said.

The charges are also applicable for cheque book beyond 10 leaves in a year.

Non-financial transactions and transfer transactions will however remain free of cost at branches, ATM, cash dispensing machines for the BSBD account holders.

The bank said it will charge GST (goods and services tax) in addition to Rs 15 per cash withdrawal at bank branches, SBI ATM or from other banks ATMs beyond four free withdrawals.

Further, it said that first 10 cheque leaves will be free of cost in a financial year. Thereafter, 10-leaf cheque book will be levied Rs 40 plus GST; 25 leaf cheque book at Rs 75 plus GST and emergency cheque book will attract a charge of Rs 50 plus GST for 10 leaves or part thereof

However, senior citizens are exempted on cheque book services, it said.

Levying of charges on BSBD accounts is guided by September 2013 RBI guidelines. As per the direction, these accounts holders are 'allowed more than four withdrawals in a month, at the bank's discretion provided the bank does not charge for the same.

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