20 August,2026 07:31 PM IST | Mumbai | mid-day online correspondent
State Bank of India. File Pic
The country's largest lender, State Bank of India (SBI), on Thursday said it will revise the charges for cash withdrawals on Basic Savings Bank Deposit (BSBD) accounts operated through the branch channel, with effect from October 1, 2026.
The bank will offer customers four free cash withdrawals each month. However, for withdrawals exceeding four transactions, the bank will levy a charge of Rs 15 plus GST (goods and services tax) on each additional transaction, it said in a statement on X.
"Customers are requested to take note that all digital transactions will continue to be free without any restrictions," the largest public sector bank stated.
According to the bank's website, BSBD accounts are primarily meant for the poorer sections of society to encourage them to start saving without any burden of charges or fees. There is no minimum balance requirement for these accounts, making them zero-balance accounts, and the facility is available at all branches.
The bank issues one cheque book of 25 leaves for free per year to eligible BSBD account holders. The bank also issues a basic RuPay ATM-cum-debit card.
The RBI states that a minimum of four free withdrawals, including transfers and ATM transactions (done either at the bank's own ATM or another bank's ATM), are allowed in a month.
"Digital payment transactions excluding ATM transactions, i.e., Point of Sale transfers, National Electronic Funds Transfer (NEFT), Real-Time Gross Settlement (RTGS), Unified Payments Interface (UPI), Immediate Payment Service (IMPS), etc., shall not be counted as withdrawals for this purpose," it states.
All individuals having valid KYC (know your customer) documents and not having any BSBD accounts are eligible to open a BSBD account. Existing BSBD accounts are not eligible to open another BSBD account, according to the bank's website.
