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SBI customers ALERT: State Bank of India changes rules for cash withdrawal from ATM, branch - The new rules and regulations for basic savings account holders of State Bank of India will come into effect from July 1.
The new charges would apply to ATM withdrawals, chequebook, transfer, and other non-financial transactions. The new charges will come into effect from July 1, 2021.
State Bank of India (SBI) on Thursday said it refunded the charges it had recovered from Basic Savings Bank Deposit Accounts (BSBDAs) with respect to digital transactions done between January 1 and September 14, 2020, under the directions of the Central Board of Direct Taxes (CBDT).
Last year, the CBDT asked banks to refund the charges collected, if any, on or after January 1, on transactions carried out using the digital mode and not to impose charges on future transactions carried out through such modes.
In a statement, SBI said it had stopped recovering charges in BSBD accounts on all digital transactions with effect from September 15, 2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month.
April 15, 2021
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State Bank of India (SBI), on Thursday, clarified that it has stopped recovering charges in Basic Savings Bank Deposit Accounts (BSBDAs) on all digital transactions with effect from September 15, 2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month.
Systematic breach
This clarification comes in the wake of Ashish Das, Professor, Department of Mathematics, IIT-Bombay, claiming in a recent report that there had been systematic breach in RBI regulations on BSBDAs by a few banks, most notably SBI, which hosts the maximum number of BSBDAs, by charging ₹17.70 for every debit transaction (even via digital means) beyond four a month.