Business

Major service changes in SBI and Axis Bank from July 1, know how the account holder will be affected

June 29, 2021
Bharat Times English News

From July 1, two big banks of the country are going to change their charges. If you have an account with these banks, then the change in their charges is going to affect your pocket. The two banks are State Bank of India and Axis Bank. Let’s know about the changes that will happen on July 1.

SBI Fee Change

  • The new service charge for Basic Savings Bank Deposit (BSBD) account will be applicable from July 1, 2021.

  • The new charges will be applicable for ATM cash withdrawal and check book usage.

cash withdrawal

  • Free cash withdrawal can be done from BSBD account 4 times in a month (including ATM and branch).

  • SBI will then charge you for cash withdrawal.

  • Rupee. 15 + GST ​​will be charged per cash withdrawal (branch/ATM).

  • Apart from SBI ATMs, the same charge will be applicable for withdrawals from ATMs of other banks.

cheque book

  • SBI BSBD account holders will get the first 10 checks in a financial year free of cost.

  • Thereafter you have to pay for the checkbook in the following manner: Rs. 40 + GST ​​for 10 cheques, Rs. 75 + GST ​​for 25 cheques, and Rs. 50 + GST ​​for an emergency checkbook with 10 checks.

  • Senior citizens are exempted from the new service charge on checkbooks.

Transfer and non-financial transactions

  • No charges will be levied if BSBD account holders conduct non-financial transactions through any branch/ATM/CDM. This transaction can be done from SBI ATM or any other bank ATM.

  • No charges will also be levied for transfer transactions through bank branches and alternate channels.

The following changes will take place in Axis Bank:

  • The charges for SMS alerts will increase from July 1, 2021.

  • Currently, the value-added SMS charges are Rs. 5 per month for select value-added service alerts on a subscription basis.

  • From July 1, 2021, customers will have to pay 25 paise per SMS for SMS alerts.

  • The maximum SMS alert fee will be Rs. 25 per month.

  • This charge will not be applicable on promotional messages and OTP alerts sent by the bank.

These accounts will be out of the purview of the increased SMS alert charges

According to the bank, Burgundy, Burgundy Private, Priority, NRI, Trust and Government Accounts, Defense Salary Accounts, Staff Accounts, Small and Basic Accounts, Pension Accounts and select Salary Relationship Accounts will be out of the purview of the enhanced SMS alert. fee.

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