look news india
State Bank of India (SBI), the country’s largest public sector bank, has announced a major revision in service charges for crores of its account holders, especially Basic Savings Bank Deposit (BSBD/Jan Dhan) account holders. According to the official notification issued by the bank, these new rules for cash withdrawals and transactions will become effective from October 1. After the implementation of the new rules, there is going to be a direct financial burden on the pockets of account holders who continuously withdraw money from bank branches, ATMs and digital means.
After 4 free transactions, you will have to pay ₹ 15 plus GST fee.
According to the new rules, BSBD account holders of SBI will continue to get a total limit of 4 free transactions per month. However, once a customer crosses this free limit of 4 times in a month, on every additional withdrawal from the 5th ₹15 plus applicable GST Service charge of Rs will be charged. This fee will be equally applicable on all cash withdrawals made through SBI ATM, ATM of other banks, Bank Branch Counter and Aadhaar Based Payment System (AEPS).
Biggest change: Now digital transactions will also be counted in the free limit
The most important and biggest twist of this amendment is the change in the method of calculating free transactions. Earlier, online or digital payments were not included in the 4 free transactions set by the bank, due to which customers could do any number of digital transactions apart from withdrawing cash 4 times. But from October 1, the bank has ended this discount. Now, along with cash withdrawals, digital transactions will also be counted in the quota of 4 free transactions. This means that if you do 2 digital transactions and withdraw cash from ATM 2 times in a month, your 4 free limit will be completed and after that charge will be deducted on every transaction.
What is SBI BSBD account and who will get the benefits?
Basic Savings Bank Deposit (BSBD) account is a zero-balance account primarily designed to promote financial inclusion and for the economically weaker sections of the society. There is no requirement to maintain minimum balance and customers get a free basic RuPay debit card, for which no annual maintenance charge is levied. Since low income group and Jan Dhan account holders often withdraw small amounts repeatedly when needed, this new rule will have the biggest impact on such customers.
What should customers do to avoid additional charges?
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Club Transaction: Instead of making small withdrawals of ₹500 or ₹1,000 repeatedly, withdraw larger amounts in one or two visits after estimating your monthly expenses.
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Check Account Type: Check whether your account is a regular savings account or a BSBD account by visiting the YONO app or home branch.
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Upgrade to Regular Account: If your monthly transactions are significantly more than 4, you can choose to upgrade your account to Regular Savings Account by understanding the minimum balance conditions.