PremiumThe State Bank of India (SBI) has increased the ceiling for cash withdrawal by customers at non-home branches amid the second wave of coronavirus pandemic.
"To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form," the bank said on Twitteron Saturday.
The country's largest lender has hiked cash withdrawal for self (using cheque) to ₹1 lakh per day.
Cash withdrawal for self (using a withdrawal form) along with a Savings Bank passbook has been increased to ₹25,000 per day.
Moreover, the third-party cash withdrawals, have been fixed at ₹50,000 per month (only using cheque).
The SBI explicitly stated that "No cash payments to third parties by withdrawal forms will be allowed", adding that the KYC (Know Your Customer) of the third party should be submitted to the bank.
The SBI added that revised ceilings are valid up till September 30, 2021.
A 'Home' branch means where customers' accounts are maintained. And the banking facilities available to customers at branches other than the home branch are called the non-home branch.
Recently, the SBI reported an 80.15% jump in its standalone profit after tax (PAT) of ₹6,451 crore in the three months to March 2021, aided by higher interest income and lower provisioning for bad loans.
For the full year, its standalone PAT grew by 41% to ₹20,410 crore as against ₹14,488 crore in FY20.
Net interest income for the quarter ended March 2021 increased by 18.89% to ₹27,067 crore from ₹22,767 crore in the year-ago period.
The State Bank's loan loss provision declined 16.64% to ₹9,914 crore from ₹11,894 crore.
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