Revised rules for SBI, IDBI Bank, Axis Bank and Syndicate Bank from July 1 2021: Check details here
New Delhi, July 01: Many private banks including State Bank of India are changing their rules from July 1 2021. This would impact account holders at SBI, Bank of Baroda, IDBI Bank and Canara Bank.
State Bank of India: Customers will have four free cash withdrawals from private bank ATMs as well as branches from July 1. SBI will charge Rs 15 plus GST on each transaction after the free transactions. Those customers holding basic savings bank deposit accounts will also be levied charges for cheque books beyond 10 leaves in a year. The bank announced Rs 40 plus GST for subsequent 10 leafs and Rs 75 plus GST for 25 leaves. No charges have been announced for senior citizens.
Axis Bank: The cash withdrawal charges from ATMs belong the free limit apart from hiking minimum balance requirements from July 1. Account holders will also have to pay more for SMS alerts. Customers will have to pay 25 paise for every SMS alert subject to a maximum of Rs 25 a month. According to the website of the bank, these charges will, however, will not be levied on OTP messages.
IDBI Bank: Starting July 1 customers will have to pay Rs 5 per cheque leaf beyond the 20 free leaves per year. Customers holding Sabka Saving Account will be exempted from this charge.
Syndicate Bank: Since the bank has merged with Canara Bank, account holders will get a new IIFC code from July 1.
Andhra and Corporation Bank: The two banks we're on April 1 2020 amalgamated into the Union Bank. Hence account holders of Andhra and Corporation banks will have to use new cheque books provided by the Union Bank from July 1 2021.