SBI changes rules of basic savings accounts
State Bank of India (SBI) has revised the service charges for its Basic Savings Bank Deposit (BSBD) accounts. Effective from October 1, 2026, customers will now be charged Rs 15 plus GST per transaction for cash withdrawals exceeding the initial four free withdrawals in a month. Digital transactions were previously not included in the count of free withdrawals.
The updated rule eliminates the previous exclusion of digital transactions. Basic Savings Bank Deposit accounts are designed for low-income individuals, allowing them to save without incurring any charges or fees. These accounts do not require a minimum balance and do not provide a cheque book facility. Withdrawals must be made through withdrawal forms at branches or ATMs, using a basic Rupay ATM-cum-debit card issued to the account holder.
SBI customers can open a BSBD account only if they do not have any other savings bank account, which must be closed within 30 days of opening the new account.
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