New Delhi: The State Bank of India (SBI), one of the country’s largest banks, frequently makes significant changes to its rules for account holders. Some of these changes can come as a shock to customers. Did you know that SBI is introducing new rule changes effective October 1st?
SBI has dealt a blow to holders of its Basic Savings Bank Deposit accounts (zero-balance accounts) by significantly altering the rules for cash withdrawals at bank branches. The new rule will come into effect on October 1, 2026. The bank shared this information via a public notice on the social media platform X. Now, if you withdraw cash more than four times, you will be charged a fee.
How many free cash withdrawals are allowed per month?
According to SBI’s rules, account holders are permitted to withdraw cash only four times a month. Exceeding this limit will incur a charge. This is being viewed as a significant setback for customers; staying within this limit is the more cost-effective option.
Once the limit is exceeded, you will be charged ₹15 plus GST for every subsequent cash withdrawal transaction. This free limit encompasses cash withdrawals made at bank branches, SBI ATMs, other banks’ ATMs, and via the Aadhaar-Enabled Payment System (AePS).
Cash withdrawals using Aadhaar cards included
The new rules from the State Bank of India include a significant update regarding Aadhaar-linked transactions. Previously, financial transactions made via Aadhaar were classified as digital transactions and were excluded from the count of the four free transactions.
Under the new rules, cash withdrawals made using an Aadhaar card will now be counted towards these four free transactions. Standard digital transactions such as UPI, NEFT, and IMPS will remain completely free of charge and will not be subject to any such restrictions. Bank’s Earnings Rise by 10%
It is worth noting that this development comes at a time when the bank has announced impressive results for the first quarter of the financial year. For the April-June quarter, SBI’s net profit rose by 10.23% to reach ₹21,121 crore; in the same quarter last year, it stood at ₹19,160 crore. Meanwhile, the bank’s interest income also increased by 14.9%, reaching ₹46,992 crore.
Bank’s Performance in the Stock Market
Amidst this news, SBI shares were seen trading at steady levels in the stock market. On the BSE, the bank’s stock closed at ₹1,048.05, marking a marginal gain of 0.2%. According to market data, the stock’s high and low levels over the past year were ₹1,234.80 and ₹798.60, respectively.
