Now Reading: SBI to limit free cash withdrawals to 4 per month from October 1
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SBI to limit free cash withdrawals to 4 per month from October 1
SBI will limit Basic Savings Bank Deposit (BSBD) account holders to four free cash withdrawals per month from October 1. Once the free limit is exhausted, each subsequent withdrawal will attract a…
SBI will limit Basic Savings Bank Deposit (BSBD) account holders to four free cash withdrawals per month from October 1. Once the free limit is exhausted, each subsequent withdrawal will attract a ₹15 charge plus GST.
The four-transaction cap applies cumulatively across ATMs, SBI branch counters, and AePS (Aadhaar-enabled payment system) withdrawals. Previously, AePS transactions were excluded from the monthly limit.
Account holders who need more than four cash withdrawals a month will need to either consolidate withdrawals or consider switching to a regular savings account. The change applies only to BSBD accounts, not to other SBI savings accounts.
Indian Opinion Analysis
SBI has over 40 crore savings accounts, with a substantial portion being Basic Savings Bank Deposit (BSBD) accounts meant for low-income customers. By bringing AePS withdrawals under the free limit, the bank effectively closes a loophole that rural and semi-urban customers used to avoid ATM charges. The ₹15-plus-GST penalty per extra withdrawal is small but can add up for daily-wage earners who need frequent cash. Account holders should note that the four-free-limit counts all channels together: two ATM visits and two branch visits would exhaust the monthly allowance. Those anticipating more withdrawals should plan monthly cash withdrawals in larger amounts on fewer days, or consider upgrading to a regular savings account that offers unlimited free transactions. The revised rule takes effect from 1 October, giving customers two weeks to adjust their cash management habits.
Source: businesstoday.in
This story was synthesised by AI from the source linked above.
