(SBI) has revised service charges on its Basic Savings Bank Deposit Accounts with effect from July 1, 2021. Charges related to ATM cash withdrawals, cash withdrawals at bank branch, and cheque book issuance charges have been changed as per the bank's website.

Here are the revised charges from July 1, 2021:

First 10 cheque leaves FREE in a financial year.
Thereafter: 10 leaf cheque Book at Rs. 40/- + GST; 25 leaf cheque Book at Rs. 75/- + GST
Emergency cheque book: Rs. 50/- + GST for 10 leaves or part thereof.

What is a Basic Savings Bank Deposit Account?
If you are one of those who are finding it difficult to maintain the monthly average balance (MAB) in your bank's regular savings account, you may want to consider opening a basic savings bank deposit account (BSBDA). There is no requirement of minimum balance.

Although there is no limit on the number of deposits that can be made in a month, the maximum withdrawals per month is limited to just four. This includes withdrawals from ATMs and other modes like RTGS, NEFT, clearing, branch cash withdrawal, online transfer, standing instructions, equated monthly instalments (EMIs) etc.

Further, according to the SBI website, "The Customer cannot have any other Savings Bank Account, if he/she has a Basic Savings Bank Deposit Account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account."

SBI revises charges of Basic Savings Bank Deposit Accounts: Here are the details

From July 1, non-financial transactions at branches, ATMs, and cash deposit machines will be free-of-cost at both SBI branches and non-bank branches as well. Here is a look at the other charges that have been revised.

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