SBI to charge Rs 15 plus GST for cash withdrawals after four free uses per month
Starting October 1, State Bank of India will levy a Rs 15 fee with GST on each cash withdrawal that exceeds the four free transactions allowed monthly for Basic Savings Bank Deposit accounts.
State Bank of India issued a notice stating that, from October 1, cash withdrawals beyond the existing four-free-per-month limit will be subject to a Rs 15 fee plus applicable GST for Basic Savings Bank Deposit accounts opened through branches. Customers will still enjoy unlimited free digital transactions, while Aadhaar Enabled Payment System withdrawals will now count toward the monthly free-withdrawal quota. The bank also highlighted earlier revisions to interest rates on bulk term deposits of Rs 3 crore and above, which became effective on August 15 for new and renewing deposits.
These rate changes affect various tenures, with reductions for most periods and some rates remaining unchanged. All other terms for retail and bulk term deposits stay the same, and a 1 percent premature-withdrawal penalty applies across tenures. Additionally, the SBI Green Rupee Term Deposit continues to be offered for specific day counts at par with the card rate.
Why it matters
The new fee alters the cost of cash access for millions of SBI savers, affecting everyday banking expenses.
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