State Bank of India will revise cash withdrawal charges from October 1 for branch opened Basic Savings Bank Deposit accounts. SBI customers will retain four free monthly cash withdrawals, then pay Rs. 15 plus applicable GST per additional withdrawal.
The bank announced the change through a public notice on Thursday for customers using covered withdrawal channels. Digital transactions will remain free without limits, while the revised cash withdrawal rules will affect covered cash withdrawals.
SBI said, “Four cash withdrawals in a month will continue to be free” before charges apply to additional withdrawals. The revised SBI cash withdrawal rules also change how Aadhaar Enabled Payment System transactions count.
Earlier, AePS transactions remained outside the four free monthly withdrawal limit. Under the new framework, AePS cash withdrawals will count toward the monthly four transaction allowance.
The change applies specifically to Basic Savings Bank Deposit accounts opened through SBI branches. Regular savings account holders do not face this particular charge under the announced revision. Customers making frequent cash withdrawal may need to monitor monthly usage more carefully.
SBI also recently changed interest rates on domestic bulk term deposits worth Rs. 3 crore and above. The revised rates took effect from August 15 for fresh deposits and maturity renewals. Several shorter tenure rates declined, while rates for longer tenures mostly remained unchanged.
The bank also reported strong Q1FY27 results alongside these service changes. SBI posted a 10.23% yearly rise in net profit to Rs. 21,121 crore during April-June. Operating profit reached Rs. 33,529 crore, while net interest income climbed 14.9% to Rs. 46,992 crore.
SBI shares traded nearly flat Thursday at Rs. 1,048.05 on the BSE. The latest changes highlight SBI’s continuing shift toward digital banking while tightening costs around repeated cash usage. The move could affect customers who rely heavily on cash withdrawals.
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