State Bank of India (SBI) has updated service charges for its Basic Savings Bank Deposit (BSBD) account holders. The bank has revised rules related to cash withdrawals through the branch channel. The revised rules will be effective from October 1, 2026.
Service charges for Basic Savings Bank Deposit (BSBD) accounts
From October 1, 2026, charges for cash withdrawal transactions in excess of the first four free withdrawals in a month will be Rs 15 plus GST per transaction, as per an SBI update.
Earlier, charges for transactions in excess of the first four free transactions, excluding digital transactions, was Rs 15 plus GST per transaction.
Digital transactions were earlier excluded while calculating the four free transactions. The revised SBI rule removes this exclusion.
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What is a basic savings account (BSBD)?
Basic savings accounts are primarily meant for poor sections of society to encourage them to start saving without any burden of charges or fees.
Main features of SBI BSBD account
Under this SBI account, there is no need to maintain minimum balance. However, there is no cheque book facility available. Withdrawals can be done only by using withdrawal form at branches or through ATMs. A basic Rupay ATM-cum-debit card is issued to the account holder.
What is the main criteria for opening a BSBD account with SBI?
SBI customers who open this basic savings bank account cannot have any other savings bank account. If the customer already has a savings bank account, the same will have to be closed within 30 days of opening the basic savings bank deposit account with the bank.
Four cash withdrawals remain free every month
Customers who open an SBI savings account, a maximum of four cash withdrawals are free of cost in a month, including ATM withdrawals at own and other banks’ ATMs, cash withdrawal at branch channel and AEPS cash transactions.
Which SBI services are free for BSBD account holders?
A basic RuPay ATM-cum-debit card is issued free of cost for BSBD customers, and no annual maintenance charge is applied. Any credit of money through electronic payment channels like NEFT/RTGS is also free for such SBI account holders. If there is any deposit/collection of cheques drawn by the central or state government, it is also free. No charges are levied on the activation of inoperative accounts. There are account closure charges.
