New Delhi:
In the wake of the second wave of the coronavirus pandemic, the State Bank of India (SBI) has increased the limit on cash withdrawals by clients at non-home branches via cheques and withdrawal forms. This is welcome news for the country's largest lender's millions of customers who wish to withdraw cash from ATMs, branches, or via chequebook.
"To support our customers in this pandemic, SBI has increased the non-home cash withdrawal limits through cheque and withdrawal form," tweeted the bank on Saturday.
According to the latest guidelines issued by the State Bank of India, cash withdrawals for self (using cheque) have been increased to 1 lakh per day. The daily limit for cash withdrawals using a withdrawal form and a Savings Bank passbook has been raised to Rs.25,000 per day. Furthermore, the monthly limit for third-party cash withdrawals has been set at Rs.50,000. (only using cheque).
Withdrawal forms will not be used to make cash payments to third parties, according to the State Bank of India. In this case, the third party's KYC would have to be submitted as well. The new cash withdrawal restriction for P Segment customers will come to effect on July 1 and will remain in effect until September 30, 2021.
According to the latest SBI withdrawal charges on its website, each cash withdrawal transaction at a Branch Channel or ATM costs Rs 15 + GST. Customers would be charged Rs 15 + GST at all SBI and non-SBI ATMs if they exceed the limit of 4 free cash withdrawal transactions (including at ATM and branch).
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