Several banks including India’s largest lender State Bank of India and a few private banks are going to change their rules from Thursday, July 1 which is likely to impact the customers and account holders. These banks include Axis Bank, Canara Bank, Syndicate Bank, Bank of Baroda, and IDBI Bank.
If you or anyone you know holds an account in these banks or avail of any of its services. It is important for you to be aware of these new rules. Read here.
State Bank of India (SBI)
1- The SBI will get four free cash withdrawals from the bank’s ATM as well as branches from today.
2- From the fifth ATM transaction onwards, the bank will charge a 15% GST on each withdrawal.
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3- Charges will be levied on the basic savings bank deposit (BSBD) accounts on cheque book beyond 10 leaves in a year.
4- Rs 40 plus GST (for subsequent 10 leafs) and Rs 75 plus GST (for 25 leafs) will be charged from BSBD customers.
5- None of these charges will be incurred on senior citizens.
Andhra Bank and Corporation Bank
1- Customers of these two banks will have to use new cheque books provided by Union Bank.
Note: The two banks were amalgamated into Union Bank on April 1, 2020.
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Syndicate Bank
The customers of Syndicate bank will get a new IFSC code from July 1 due to its merger with Canara Bank.
IDBI Bank
1- IDBI account holders will have to pay Rs 5 per cheque leaf beyond 20 free leaves per year.
2- Those holding ‘Sabka Saving Account’ are exempted from such charge
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1- Account holders will have to pay increased cash withdrawal charges from ATMs beyond the free limit.
2- The bank has also hiked the minimum limit required for various types of savings bank accounts.
3- Axis Bank customers will have to pay 25 paise for every SMS alert subject to a maximum of Rs 25 a month.
