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SBI BSBD Account Withdrawal Charges: The country's largest public sector bank, the State Bank of India (SBI), has made significant changes to the cash withdrawal rules for Basic Savings Bank Deposit (BSBD) account holders. SBI is introducing new service charges for cash withdrawals made at bank branches, which will directly impact the pockets of ordinary customers.

According to a circular issued by the bank, these new rules will come into effect nationwide starting October 1. If you hold an SBI Basic Savings Account, it is crucial for you to be aware of these new regulations.

What changes from October 1?

Under SBI's new charge schedule, cash withdrawals from bank branches will remain completely free for up to four transactions per month for Basic Savings Bank Deposit (BSBD) accounts (Product Code: 1011-1701). However, any withdrawal exceeding this limit of four times a month will incur a charge of ₹15 per transaction plus GST.

For instance, if you visit a bank branch to withdraw cash six times in a month, the first four withdrawals will be free of charge. However, for the fifth and sixth withdrawals, you will have to pay an additional charge of ₹15 plus GST per transaction.

What is an SBI Basic Savings (BSBD) Account?

The Basic Savings Bank Deposit (BSBD) account is primarily designed for sections of society that require basic banking facilities. It does not require the maintenance of a minimum balance. While basic deposit and withdrawal facilities are free, the bank has now set limits on the number of branch transactions allowed.

Which customers will be directly affected?

This new rule will only affect account holders who visit SBI branches to withdraw cash more than four times a month. Customers who rely on digital banking (UPI, net banking) or use ATMs will not be significantly impacted.

How can you avoid the extra charges?

Plan your cash withdrawals: Withdraw a larger amount based on your needs at the beginning of the month to avoid exhausting the free limit of four transactions. Adopt digital payments: Instead of paying cash at shops, use UPI, QR codes, or debit cards.

Use ATMs: Avoid visiting the branch directly for small expenses.

Disclaimer: This content has been sourced and edited from Money Control. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.