SBI Updates Cash Withdrawal Rules Effective October 1: Rs 15 Fee Imposed After Four Free Transactions
From October 1, State Bank of India (SBI) will implement a new fee structure for cash withdrawals from Basic Savings Bank Deposit (BSBD) accounts. Customers will incur a charge of Rs 15 plus applicable GST for each cash withdrawal exceeding the limit of four free transactions per month. The bank confirmed this change in a public notice shared on X.
SBI will maintain the existing allowance of four free cash withdrawals monthly. Once this limit is reached, customers will be charged for any additional withdrawals. Digital transactions, however, will remain free, with no cap on the number of transactions.
Changes to Aadhaar Enabled Payment System Transactions
SBI has also revised its policy regarding Aadhaar Enabled Payment System (AePS) transactions. Previously, these transactions were classified as digital and did not count towards the four free monthly withdrawals. Under the new rules, AePS transactions will now be included in the withdrawal limit.
Earlier this month, SBI adjusted interest rates on domestic bulk term deposits of Rs 3 crore and above, effective from August 15. These changes apply to both new deposits and renewals of maturing deposits.
Interest Rate Adjustments
SBI has made several adjustments to interest rates across various tenures for both the public and senior citizens. For deposits ranging from 7 to 14 days, the public rate decreased from 4.50% to 4.25%, while the senior citizen rate fell from 5% to 4.75%.
For tenures of 15 to 45 days, the public rate was cut from 5% to 4.75%, and the senior citizen rate dropped from 5.50% to 5.25%. Rates for longer tenures have also seen reductions, with the public rate for 46 to 179 days declining from 5.10% to 4.85%. The bank stated that all other terms and conditions for retail and bulk term deposits would remain unchanged.
SBI’s Q1FY27 Performance
In its financial results, SBI reported a 10.23% year-on-year increase in net profit for the first quarter of FY27. The bank’s net profit reached Rs 21,121 crore, up from Rs 19,160 crore in Q1FY26. This growth was attributed to strong interest income, robust loan expansion, and a significant reduction in bad loan provisions.
Operating profit rose by 9.8% to Rs 33,529 crore, while net interest income increased by 14.9% to Rs 46,992 crore. SBI shares traded flat at Rs 1,048.05 on the BSE, reflecting a slight increase of 0.2%. The stock has experienced a 52-week high of Rs 1,234.80 and a low of Rs 798.60, according to exchange data.
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