SBI cash withdrawal rules change from October 1: Rs 15 fee after four free transactions
SBI customers will face charges for cash withdrawals exceeding four free monthly transactions. A fee of Rs 15 plus GST applies to Basic Savings Bank Deposit accounts. Digital transactions remain free, and Aadhaar Enabled Payment System transactions are now counted. Interest rates on bulk term deposits were revised earlier this month. SBI reported a profit increase for the first quarter of FY27.
Effective October 1, State Bank of India (SBI) customers will face a Rs 15 fee, plus applicable Goods and Services Tax (GST), for each cash withdrawal exceeding their four free monthly withdrawals. This charge applies specifically to Basic Savings Bank Deposit (BSBD) accounts opened through branch channels. SBI reaffirmed that four free cash withdrawals remain permissible each month, and any withdrawals surpassing this limit will incur the Rs 15 fee, including GST.
However, digital transactions remain unaffected and are unlimited. Notably, SBI has removed the previous exclusion of Aadhaar Enabled Payment System (AePS) transactions, which are now considered part of the free monthly limit. Additionally, the bank revised interest rates on domestic bulk term deposits of Rs 3 crore and above, effective August 15, impacting new deposits and renewed maturing ones.
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