There is going to be a change in the service charge for basic savings account holders from July 1. After 4 transactions, Rs 15 will have to be paid for every transaction.
The country’s largest public sector bank SBI said that from July 1, it is going to change the service charge for basic savings account. Apart from ATM withdrawals, it also includes issuing check books and non-financial work. SBI’s new charge will be applicable only on BSBD account.
The limit for free cash transactions has now been increased to 4 for Basic Savings Account. This includes both bank withdrawals and ATM withdrawals. After that every withdrawal will be charged Rs 15. This charge will be applicable on both ATM and branch withdrawals. On opening a BSBD account, 10 checkbook pages will be given free of cost to the customer by the bank. This is a limit of one financial year, after which a separate fee will have to be deposited for the checkbook. Although NEFT, IMPS, RTGS transactions are completely free.
Feels like charging
If a customer takes a 10-page check book in addition to 10 free check books in a financial year, then 40 rupees will be charged. 75 will be charged for 25 pages. Under emergency service, Rs 50 will be charged for 10 pages. GST is included separately on these charges. There are no charges for senior citizens. Bank issues RuPay card with BSBD account. This is free of cost.
SBI recovered hundreds of crores in the name of charge
Recently, there was a shocking report regarding the charges to be charged on Basic Savings Account. IIT Bombay had said in its study that how the country’s largest government banks and some big banks are earning big money in the name of services from the accounts of the poor. According to the report, SBI has collected Rs 308 crore as charge from BSBD account holders in the last six years. SBI has 12 crore BSBD account holders. The number of BSBD account holders with PNB is 3.9 crore. The bank has recovered Rs 9.9 crore from them in the name of transaction charges.
