Legal News Update: SBI cash withdrawal rules change from October 1: Rs 15 fee after four free transactions
From October 1, SBI customers will have to pay Rs 15 plus applicable GST for cash withdrawals beyond the existing limit of four free withdrawals a month. The charge will apply to Basic Savings Bank Deposit (BSBD) accounts opened through the branch channel.The bank said that customers will retain four free cash withdrawals every month and once that limit is exhausted, each additional cash withdrawal will cost Rs 15 plus applicable GST.SBI announced the change in a public notice on Thursday, sharing details on X. While cash withdrawals beyond the monthly free limit will attract a charge, digital transactions will continue to be free, with no restriction on the number of transactions.There is also a change in how Aadhaar Enabled Payment System (AePS) transactions are treated. Previously, AePS transactions were considered digital transactions and were not counted towards the four free monthly withdrawals. SBI has now removed this exclusion, meaning AePS transactions will be treated differently under the revised rules.Earlier this month, SBI also revised interest rates on domestic bulk term deposits of Rs 3 crore and above. The new rates came in effect from August 15, applicable for fresh deposits as well as renewals of maturing deposits.
Here’s what customers should know:
- 7 days to 14 days: The rate for the public was reduced from 4.50 per cent to 4.25 per cent, while the senior citizen rate fell from 5 per cent to 4.75 per cent.
- 15 days to 45 days: The public rate was cut from 5 per cent to 4.75 per cent and the senior citizen rate from 5.50 per cent to 5.25 per cent.
- 46 days to 179 days: The public rate declined from 5.10 per cent to 4.85 per cent, while the senior citizen rate fell from 5.60 per cent to 5.35 per cent.
- 180 days to 210 days: The public rate was reduced from 5.60 per cent to 5.50 per cent and the senior citizen rate from 6.10 per cent to 6 per cent.
- 211 days to less than one year: Rates remained unchanged at 5.60 per cent for the public and 6.10 per cent for senior citizens.
- 1 year to less than 2 years: The rates remained unchanged at 6.25 per cent for the public and 6.75 per cent for senior citizens.
- 2 years to less than 3 years: The rates stayed at 6.15 per cent for the public and 6.65 per cent for senior citizens.
- 3 years to less than 5 years: The rates remained at 6 per cent for the public and 6.50 per cent for senior citizens.
- 5 years and up to 10 years: The rates continued at 6 per cent for the public and 6.50 per cent for senior citizens.
SBI said all other terms and conditions for retail and bulk term deposits would remain unchanged. The premature penalty for bulk term deposits across all tenures is 1 per cent and applies to all new deposits, including renewals.The bank also said its SBI Green Rupee Term Deposit is available for 1,111, 1,777 and 2,222 days at par with the card rate from May 1, 2026.
SBI’s Q1FY27 performance
SBI reported a 10.23 per cent year-on-year increase in net profit for the first quarter of FY27, with the bank attributing the performance to strong growth in interest income, robust loan expansion and a sharp decline in bad loan provisions.Net profit stood at Rs 21,121 crore in the April-June quarter, compared with Rs 19,160 crore in Q1FY26.Operating profit rose 9.8 per cent to Rs 33,529 crore, while net interest income increased 14.9 per cent to Rs 46,992 crore.SBI shares traded flat on Thursday at Rs 1,048.05 on the BSE, up 0.2 per cent. The stock has touched a 52-week high of Rs 1,234.80 and a 52-week low of Rs 798.60, according to exchange data.
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