State Bank of India (SBI) is the largest bank in the country, seems to be making new rules of money withdrawal.
However, the new rules will come into effect from July. It is learned that SBI has already issued several instructions to its customers in this regard. The new restrictions will apply to Basic Savings Bank Deposit (BSBD) accounts and ATM withdrawal charges and checkbooks on non-financial transactions.
What is SBI Basic Savings Bank Deposit Account?
SBI Basic Savings Bank Deposit Account is the account that can be opened with zero balance without any additional charges or minimum balance. SBI has made this account available to help the poor.
The concerned person is required to provide KYC details. Based on that, you will be permitted to open an account. You can get an ATM card for free with this account. There are no charges for these.
BSBD account holders can withdraw cash four times a month, including the ATMs and bank branches. If the free withdrawal limit exceeds, the bank will levy ₹ 15 plus GST on each transaction. However, the bank will also provide ten checkbooks to these BSBD account holders during the financial year. SBI will charge a fixed amount on checks issued thereafter.
- The bank will charge ₹ 40 plus GST for ten checkbooks.
- The bank will charge ₹ 75 plus GST for 25 checkbooks.
- ₹ 50 plus GST will be levied on ten leaves emergency checkbooks.
- Senior citizens will be exempted from the new Swarovski charges relating to checkbooks.
No charges are levied on non-financial transactions at the Account Holder Home Branch or any other branch. SBI has also officially announced that it has taken this decision to increase the money withdrawal limit to keep consumers afloat. Money withdrawal has been raised to Rs.50,000 per month to help people during the pandemic.
SBI has also issued a statement requesting that all of their customers link their PAN to Aadhaar before 30 June to avoid future inconvenience.
SBI states that connecting PAN to Aadhaar is mandatory because PAN would be redeemed inactive when it is not linked with the Aadhaar card.
This means that the clients of SBI cannot quote PAN numbers for certain transactions. The last date for linking PAN to Aadhaar is 30 June 2021.
