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• Changes in SBI BSBD Account Rules
• The new fee structure will come into effect from October 1
• Customers with frequent withdrawals may be subject to additional charges

SBI BSBD Account Rules Change: State Bank of India That means there is an important update for many customers who have accounts with SBI. Especially those using Basic Savings Bank Deposit (BSBD) account now have to pay some attention to the withdrawal method. If you are in the habit of withdrawing cash frequently in a month, the new rule may put an extra burden on your pocket. SBI has informed that the rules of transactions to this account have been changed. The new fee structure is said to be effective from October 1. Hence, it will be beneficial for customers to keep track of how many times the money is withdrawn in a month.

Four free transactions per month

• BSBD Withdrawal from the account will be free of charge up to a certain limit in a month. As per the new rules, the first four cash withdrawal transactions will be free.
• However, after exceeding this limit, a fee of Rs 15 plus applicable GST may be charged for each additional transaction.
• An important thing here is that it is said that this fee does not depend on the amount of the transaction. That means even if you withdraw Rs 500 or less after the four free transactions are over, additional transaction charges may apply.

Don't think that there is no charge only if you withdraw money from an SBI branch

Many customers may think that this rule applies only after withdrawing money at a bank branch. However, according to the available information, different means of cash withdrawal are included in this limit. This may include taking money from SBI branches, cash withdrawals from ATMs of other banks and also transactions made through Aadhaar Enabled Payment System (AePS). That is, at the beginning of the month, money is withdrawn through different means such as ATM, then branch and again AePS, but these transactions can be counted together. SBI Rules Change:

AePS users should pay special attention

This change can also be significant for customers who do banking transactions with the help of Aadhaar. Frequent withdrawers need to do some planning if cash withdrawal transactions through AePS will also count towards the cash withdrawal limit. Earlier, the fee structure for such transactions was different. So customers who regularly use AePS are advised to check their account terms before the new charges apply.

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What is BSBD Account?

BSBD stands for Basic Savings Bank Deposit Account This account is specially designed for customers with simple banking needs. A major feature of this account is that there is no minimum balance requirement. This means that no fixed amount is maintained in the account, so there is no minimum balance penalty like in normal savings account. In this type of account, customers get basic banking facilities. Hence, BSBD account is useful for customers who have low income or do not need to maintain large amount in the account.

What should consumers do now?

There is no need to panic because of the new charges. However, changing your withdrawal habits can be helpful. For example, instead of withdrawing small amounts several times a month, withdrawing the required amount at once as needed can avoid extra transactions.

In particular, customers should check the applicable terms of their account whether transactions made through different channels such as ATMs, branches and AePS count towards the monthly limit.

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In short, the 'four' number will now matter for SBI customers withdrawing money from BSBD accounts, after four transactions each additional cash withdrawal may incur Rs 15 plus GST. So rather than making frequent withdrawals, a little planning of monthly transactions can avoid unnecessary charges.