If you have a Basic Savings Bank Deposit (BSBD) account in State Bank of India (SBI), then this news is important for you. Actually, the largest government bank i.e. SBI has changed the rules of cash withdrawal for such account holders. Under the new rule, if you make more than four cash withdrawals in a month, then ₹ 15 more will be charged on each additional withdrawal. GST Will have to give. However, a lot of things are also available for free in Basic Savings Bank Deposit Account. Let us know in detail what will be free in this type of account.
What will be free?
Withdrawal of cash from Basic Savings Bank Deposit (BSBD) account will be free for the first four times in a month. Apart from this, customers will have to pay for digital banking transactions. SBI has clearly stated that digital transactions will remain free without any restrictions. This includes electronic means of sending money, meaning customers who can use digital channels for payments and transfers can avoid additional charges for withdrawing cash.
No tension about maintaining minimum balance
In this type of account, customers will not have to worry about maintaining minimum balance. This means that there is relief from minimum balance charges also. SBI’s Basic Savings Account comes with a free RuPay ATM or debit card. There is no annual maintenance charge on this card also. Customers can receive money through electronic payment channels like NEFT and RTGS without any charges.
However, a customer holding an SBI BSBD account cannot simultaneously hold another SBI savings account. If there is already a savings account, it is generally required to close it within 30 days of opening the BSBD account.
What will change from October 1?
According to the new rule of SBI, a charge of ₹ 15 + GST will be charged on every cash withdrawal after completion of four transactions from BSBD account. These four transactions will include withdrawals made through different means. For example
-Withdraw cash from ATM of SBI or any other bank
-Cash withdrawal from SBI branch
-Withdrawal of cash through AePS i.e. Aadhar Inbuilt Payment System
This means that now customers will not be able to avoid the limit of four free withdrawals by using different modes. Let us tell you that till now cash withdrawals made from AePS were not included in the limit of four free transactions.
