New Delhi: State Bank of India (SBI) is set to revise the charges applicable to cash withdrawals from Basic Savings Bank Deposit (BSBD) Accounts through the branch channel, with the new charges coming into effect from October 1, 2026.
According to a report by Moneycontrol, SBI customers holding the applicable BSBD account will continue to receive a set number of free cash withdrawals every month. However, customers making withdrawals beyond the free limit will have to pay an additional transaction charge.
Four Cash Withdrawals Will Remain Free
Under the revised schedule, BSBD account holders will be allowed four free cash withdrawals every month through the branch channel.
Once the four free transactions are exhausted, every additional cash withdrawal will attract a charge of Rs 15 per transaction, plus applicable GST.
The revised charges apply to the Basic Savings Deposit Account (Branch Channel) with Product Code 1011-1701.
For example, if a customer makes six cash withdrawals from a branch during a particular month, the first four transactions will remain free. The fifth and sixth withdrawals will each attract a charge of Rs 15, along with applicable GST.
Who Will Be Affected By The New SBI Charges?
The revised rule will primarily affect BSBD account holders who frequently withdraw cash through SBI branches.
Customers who restrict their branch cash withdrawals to four or fewer transactions in a month will continue to receive the applicable free withdrawal facility. Those exceeding the monthly limit will have to pay the additional charge for each withdrawal beyond the first four.
Therefore, customers who regularly depend on branch withdrawals may need to keep track of the number of cash transactions they make each month.
What Is An SBI Basic Savings Bank Deposit Account?
The Basic Savings Bank Deposit Account (BSBD) is designed to provide customers with essential banking facilities without the requirement of maintaining a minimum balance.
The account provides basic services such as depositing and withdrawing money, making it particularly useful for customers seeking access to essential banking facilities.
However, BSBD accounts have specific rules and transaction limits that may differ from those applicable to conventional savings accounts.
New Charges To Take Effect From October 1
The revised cash withdrawal charges will be applicable from October 1, 2026. Customers should therefore check the latest SBI schedule of service charges and the terms applicable to their specific account before making frequent branch cash withdrawals.
The change does not mean that every cash withdrawal will attract a fee. The first four branch cash withdrawals in a month will remain free, while the Rs 15 charge plus GST will apply only to transactions beyond that limit.
The revised structure is likely to be most relevant for customers who frequently visit SBI branches to withdraw cash from their BSBD accounts.
