India’s largest lender State Bank of India (SBI) and many other private banks are changing their rules from Thursday which will impact the account holders. Apart from SBI, Axis Bank, Bank of Baroda, IDBI Bank and Canara Bank are changing the rules from July 1.
For SBI customers: The customers of SBI will have four free cash withdrawals from the bank’s ATM as well as branches from today. The bank will charge ₹15 plus GST on each transaction after the free transactions. The customers holding the basic savings bank deposit (BSBD) accounts will also be levied charges for cheque book beyond 10 leaves in a year. The bank has announced ₹40 plus GST (for subsequent 10 leafs) and ₹75 plus GST (for 25 leafs). However, no such charges have been announced for senior citizens.
For Syndicate Bank customers: The account holders of Syndicate Bank will get new IFSC codes from July 1 as the bank has merged with Canara Bank.
For Andhra Bank and Corporation Bank customers: The two banks were amalgamated into Union Bank on April 1, 2020. So, the account holders of Andhra Bank and Corporation Bank will have to use new cheque books provided by Union Bank from July 1.
For customers of Axis Bank: The private bank has increased cash withdrawal charges from ATMs beyond the free limit. It has also hiked the minimum balance requirements for various types of savings accounts. From July 1, the customers of Axis Ban will have to pay more to receive SMS alerts. According to the bank’s website, the customers will have to pay 25 paise for every SMS alert subject to a maximum of ₹25 a month. These charges will, however, won’t levied on OTP messages, the bank said.
For customers of IDBI Bank: The bank has revised its cheque leaf charges from July 1. Now, the IDBI bank customers will have to pay ₹5 per cheque leaf beyond 20 free leaves per year. However, customers holding ‘Sabka Saving Account’ will be exempted from this rule change.