India’s largest public sector lender, the State Bank of India (SBI) has introduced significant changes to its cash withdrawal policy, effective October 1. SBI Customers Alert: New Cash Withdrawal Rules From October 1.
Under the revised rules, certain account holders will have to pay an additional fee if they exceed the prescribed limit on free cash withdrawals. However, the new rules do not apply to regular savings account holders. They are applicable only to customers holding Basic Savings Bank Deposit (BSBD) accounts opened through SBI branches.
Only Four Free Cash Withdrawals Per Month:
Under the revised guidelines, BSBD account holders will be entitled to only four free cash withdrawals per month. After exhausting the four free transactions, customers will be charged ₹15 per additional cash withdrawal, along with the applicable GST. The four-transaction limit includes withdrawals made through both ATMs and SBI bank branches.
Changes to AePS Cash Withdrawal Rules:
SBI has also revised the rules for transactions made through the Aadhaar Enabled Payment System (AePS). Earlier, cash withdrawals through AePS were treated separately and did not count towards the four free monthly transactions. Under the new policy, AePS cash withdrawals will also be included within the four free withdrawal limits.
Digital Transactions Remain Free:
There is no change in the rules governing digital transactions. Customers can continue to use UPI, internet banking, mobile banking, and other online payment modes without any transaction charges or limits under this policy.
