INSUBCONTINENT EXCLUSIVE:
With respect to cheque book services, first 10 cheque leaves will be free of cost in a financial yearNew 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
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
July 1, 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 ATMs or from other
banks' 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, a 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 revealed by
IIT-Bombay in April this year, 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 3.9 crore BSBD accounts during the same period.Levying of charges on BSBDA is guided by September 2013 RBI guidelines
As per the RBI 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.
