Now Reading: SBI to charge Rs 15 per extra cash withdrawal from Oct 1
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SBI to charge Rs 15 per extra cash withdrawal from Oct 1
State Bank of India has announced a revision in cash withdrawal charges for Basic Savings Bank Deposit accounts opened through its branch channel. From October 1, 2026, customers will be charged Rs…
State Bank of India has announced a revision in cash withdrawal charges for Basic Savings Bank Deposit accounts opened through its branch channel. From October 1, 2026, customers will be charged Rs 15 plus GST per transaction for cash withdrawals beyond four in a month.
The bank confirmed that the first four cash withdrawals in a month will remain free. All digital transactions will continue to be free with no restrictions. The notice was issued via SBI's official X handle on Thursday.
Customers with BSBD accounts opened via branches are advised to plan their cash withdrawals to avoid the new charges. The move is part of SBI's periodic revision of service fees.
Indian Opinion Analysis
The new charge applies only to BSBD accounts opened through branches, not to those opened online or to regular savings accounts. BSBD accounts are designed for low-income customers with minimal balance requirements. SBI has over 48 crore savings accounts, of which a significant portion are BSBD accounts. The Rs 15 fee, though small, will hit rural and semi-urban customers who rely on branch withdrawals. Digital transactions remain free, nudging users towards online banking. Customers should check if their account qualifies and switch to digital methods to avoid charges. The effective date is 1 October 2026, giving nearly two years to adapt.
Source: indiatvnews.com
This story was synthesised by AI from the source linked above.
