Thursday, June 30, 2022
  • About
  • Advertise
  • Careers
Scoftware Magazine
  • Home
  • Politics
  • Business
  • Culture
  • Opinion
  • Lifestyle
  • Entertainment
  • Login
No Result
View All Result
Scoftware Magazine
Home Business

SBI to levy charges for cash withdrawal beyond four free transactions per month

Jaleel M. by Jaleel M.
June 29, 2021
in Business
0
SBI to levy charges for cash withdrawal beyond four free transactions per month
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter


SBI said it will charge Rs 15 plus GST per cash withdrawal for transaction at bank branches, SBI ATM or from other bank’s ATMs beyond 4 free cash withdrawals

Related posts

10 grams of 24-carat stands at Rs 50,790; silver at Rs 61,200 per kilogram  

10 grams of 24-carat stands at Rs 50,790; silver at Rs 61,200 per kilogram  

May 18, 2022
How will you get tax benefits under new I-T rules for charitable organisations? Read on to find out

How will you get tax benefits under new I-T rules for charitable organisations? Read on to find out

May 17, 2022

SBI to levy charges for cash withdrawal beyond four free transactions per month

Image courtesy: Indraprakashinfo/Wikimedia Commons

New Delhi: The country’s largest lender SBI will levy charges for cash withdrawal beyond four free transactions in a month from customers holding the basic savings bank deposit (BSBD) accounts.

These customers will also be levied charges for cheque book beyond 10 leaves in a year.

As per the revision in service charges for BSBD accounts, State Bank of India (SBI) will levy charges ranging from Rs 15 to Rs 75 for the “additional value added services” with effect from 1 July, 2021.

Non-financial transactions and transfer transactions will be free of cost at branches, ATM, CDM (cash dispensing machines) for the BSBD account holders.

SBI said it will charge Rs 15 plus GST per cash withdrawal for transaction at bank branches, SBI ATM or from other bank’s ATMs beyond 4 free cash withdrawals.

“Charges will be recovered beyond 4 free cash withdrawal transaction (including ATM and branch),” SBI said.

With respect to cheque book services, first 10 cheque leaves will be free of cost in a financial year.

Thereafter, 10 leaf cheque book will be levied Rs 40 plus GST; 25 leaf cheque book at Rs 75 plus GST and emergency cheque book will attract a charge of Rs 50 plus GST for 10 leaves or part thereof, SBI said.

“However, senior citizen customers are exempted (on cheque book services),” said the state-owned lender.

BSBD accounts can be opened by any individual after valid KYC (know your customer) documentation.

Such accounts are primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

According to a study by IIT-Bombay, in April SBI earned over Rs 300 crore by way of imposing service charges on nearly 12 crore BSBD account holders during 2015-20.

The study observed that SBI levying a charge of Rs 17.70 for every debit transaction beyond four on the BSBD account holders was not “reasonable.”

As per the study, apart from SBI, the second largest public sector lender Punjab National Bank collected Rs 9.9 crore from from 3.9 crore BSBD accounts during the same period.

Levying of charges on BSBDA is guided by September 2013 RBI guidelines. As per the direction these accounts holders are ”allowed more than four withdrawals” in a month, at the bank’s discretion provided the bank does not charge for the same.



Source link

Previous Post

Sensex down by 185 points, Nifty closes at 15,748; today’s top gainers and losers-Business News , Firstpost

Next Post

NXP Semiconductors to provide chips for Jio’s upcoming 5G solutions

Next Post
NXP Semiconductors to provide chips for Jio’s upcoming 5G solutions

NXP Semiconductors to provide chips for Jio’s upcoming 5G solutions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Mikel Arteta Has “Faith” In Arsenal Board Despite Spending Fears

Mikel Arteta Has “Faith” In Arsenal Board Despite Spending Fears

2 years ago
Domestic cylinder price increased by Rs 50; check new city-wise rates

Domestic cylinder price increased by Rs 50; check new city-wise rates

3 months ago
Petrol price in India up by 28 paise and diesel 29 paise a litre; rates touch 2-year high

Petrol price in India up by 28 paise and diesel 29 paise a litre; rates touch 2-year high

2 years ago
Scintii Signs to Houndsooth & Shares New Single/Video

Scintii Signs to Houndsooth & Shares New Single/Video

2 years ago

FOLLOW US

  • 114 Followers
  • 29.5k Followers
  • 172k Subscribers

BROWSE BY CATEGORIES

  • Business
  • Culture
  • Entertainment
  • Lifestyle
  • Music
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Tech
  • Travel
  • World News

BROWSE BY TOPICS

2018 League Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan Istana Negara Market Stories National Exam Visit Bali

POPULAR NEWS

  • Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    Charles B and Kamil Ghaouti Collaborate on Groovy New Track “You’re Not Mine,” featuring LauraBrown. Out on Protocol Recordings

    0 shares
    Share 0 Tweet 0
  • Kris Jenner Spills Details About Her Sex Life With Corey Gamble: Watch

    0 shares
    Share 0 Tweet 0
  • Sam Heughan & Graham McTavish Are Men in Kilts for Travel Show

    0 shares
    Share 0 Tweet 0
  • Salted vs. Unsalted Pistachios

    0 shares
    Share 0 Tweet 0
  • Common Saints Release New Single “Idol Eyes”

    0 shares
    Share 0 Tweet 0
  • About
  • Advertise
  • Careers

© 2020 Scoftware.com

No Result
View All Result
  • Home
  • Politics
  • Business
  • Culture
  • National
  • Sports
  • Lifestyle
  • Travel
  • Opinion

© 2020 Scoftware.com

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Terms and Conditions - Privacy Policy