India’s largest lender State Bank of India (SBI) and many other private banks are changing their rules from Thursday, which will impact account holders. Besides SBI, Axis Bank, Bank of Baroda, IDBI Bank and Canara Bank change the rules from July 1.
For SBI customers: SBI customers will benefit from four free cash withdrawals from today at the bank’s ATM as well as at branches. The bank will charge â¹15 plus GST on each transaction after free transactions. Customers with Basic Savings Bank (BSBD) deposit accounts will also be charged a checkbook fee in excess of 10 sheets per year. The bank announced â¹40 plus TPS (for the next 10 sheets) and â¹75 plus TPS (for 25 sheets). However, no such charges have been announced for the elderly.
For Syndicate Bank customers: Syndicate Bank account holders will get new IFSC codes from July 1 as the bank merged with Canara Bank.
For clients of Andhra Bank and Corporation Bank: The two banks merged into Union Bank on April 1, 2020. Thus, account holders of Andhra Bank and Corporation Bank will have to use new check books provided by Union Bank from July 1.
For Axis Bank customers: The private bank has increased the fees for withdrawing cash from ATMs beyond the free limit. It has also increased the minimum balance requirements for various types of savings accounts. From July 1, Axis Ban customers will have to pay more to receive SMS alerts. According to the bank’s website, customers will have to pay 25 paise for each SMS alert subject to a maximum of â¹25 per month. These charges will not be levied on OTP messages, however, the bank said.
For IDBI Bank customers: The bank revised its check fees from July 1. From now on, IDBI bank customers will have to pay â¹5 per check sheet over 20 free sheets per year. However, customers with a âSabka Savings Accountâ will be exempt from this rule change.