SBI cash withdrawal rules change from October 1: Rs 15 fee after four free transactions
Starting October 1, SBI customers will have to pay Rs 15 plus applicable GST for cash withdrawals beyond the existing limit of four free withdrawals per month. The charge will be applied to Savings Bank Basic Deposit (BSBD) accounts opened through the branch channel.The bank said 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 about X. While cash withdrawals beyond the monthly free limit will incur a charge, digital transactions will remain free, with no restriction on the number of transactions.There is also a change in the way Aadhaar Enabled Payment System (AePS) transactions are treated. Previously, AePS transactions were considered digital transactions and did not count 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, the SBI also revised interest rates on domestic bulk term deposits of Rs 3 crore and above. The new rates came into effect from August 15, applicable to both new deposits and renewals of expired deposits.
Here’s what customers should know:
- 7 days to 14 days: The rate for the public was reduced from 4.50 percent to 4.25 percent, while the rate for seniors fell from 5 percent to 4.75 percent.
- 15 days to 45 days: The public rate was reduced from 5 percent to 4.75 percent and the senior rate from 5.50 percent to 5.25 percent.
- 46 days to 179 days: The public rate decreased from 5.10 percent to 4.85 percent, while the rate for seniors fell from 5.60 percent to 5.35 percent.
- 180 days to 210 days: The public rate was reduced from 5.60 percent to 5.50 percent and the senior rate from 6.10 percent to 6 percent.
- 211 days to less than a year: Rates remained unchanged at 5.60 percent for the public and 6.10 percent for seniors.
- 1 year to less than 2 years: Rates remained unchanged at 6.25 percent for the public and 6.75 percent for seniors.
- 2 years to less than 3 years: Rates remained at 6.15 percent for the public and 6.65 percent for seniors.
- 3 years to less than 5 years: Rates remained at 6 percent for the public and 6.50 percent for seniors.
- 5 years and up to 10 years: Rates continued at 6 percent for the public and 6.50 percent for seniors.
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 percent and applies to all new deposits, including renewals.The bank also said that 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 Performance in Q1FY27
SBI reported a 10.23 per cent year-on-year rise 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 provisions for bad loans.Net profit stood at Rs 21,121 crore in the April-June quarter, compared to Rs 19,160 crore in Q1FY26.Operating profit rose 9.8 percent to Rs 33,529 million, while net interest income rose 14.9 percent to Rs 46,992 million.Shares of SBI traded flat at Rs 1,048.05 on the BSE on Thursday, up 0.2 per cent. The stock has hit 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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