SBI Amends Basic Savings Account Rules: AePS Added to Free Limit

State Bank of India (SBI) is set to revise the rules governing its Basic Savings Bank Deposit (BSBD) accounts, with changes taking effect from October 1, 2026. The primary alteration involves the inclusion of Aadhaar Enabled Payment System (AePS) withdrawals within the existing limit for free monthly cash transactions.

Understanding the New Withdrawal Limits

Previously, AePS withdrawals were not counted towards the four free cash transactions allowed each month. Under the updated regulations, these withdrawals will now be factored into that limit, impacting how customers manage their cash access.

• Effective Date: October 1, 2026
• Free Monthly Cash Transactions: 4 across all channels
• Charge per Subsequent Withdrawal: Rs 15 plus GST

After a customer exhausts the initial four free cash withdrawals, any subsequent withdrawal will incur a charge of Rs 15 plus GST. This fee applies regardless of the transaction channel used.

Transaction Channels and Exemptions

The four free cash withdrawals can be conducted through various channels. These include transactions made at SBI and other bank ATMs, as well as withdrawals performed at SBI branches or via AePS.

Crucially, the bank has confirmed that all digital transactions will remain free of charge and without any restrictions. This encompasses electronic fund transfers such as NEFT and RTGS, providing an unrestricted avenue for non-cash banking activities.

The Purpose of BSBD Accounts

BSBD accounts are specifically designed as a financial inclusion tool, aiming to provide accessible banking services to a broad segment of the population. These accounts come with several key features that make them attractive for basic banking needs.

• Zero-Balance Facility: No minimum balance requirement.
• Free RuPay ATM-cum-Debit Card: Provided without annual maintenance charges.
• Account Holding Restriction: Customers cannot simultaneously maintain another SBI savings account if they hold a BSBD account.

These revisions primarily affect BSBD account holders who frequently withdraw cash, prompting them to carefully manage their transactions across all available channels to avoid additional fees.