New Delhi: State Bank of India is set to revise its service charges for Basic Savings Bank Deposit accounts beginning October 1, 2026, increasing the fee for branch-based cash withdrawals beyond the permitted monthly quota. Under the updated framework, account holders will continue to receive four complimentary cash withdrawals per month, while each subsequent cash withdrawal through a bank branch will attract a fee of Rs 15 plus applicable Goods and Services Tax, up from the previous charge of Rs 8.
The bank clarified that the fee adjustment applies strictly to cash withdrawals conducted at branch locations, leaving non-financial services, fund transfers, and all digital transactions completely free and unrestricted. Designed primarily to promote financial inclusion, BSBD accounts do not require a minimum balance and are widely utilized by low-income households and first-time banking customers. Financial experts note that frequent cash users should monitor their monthly transactions closely to avoid accumulating extra service fees on routine living expenses.
