The Bank tweeted on 11 th September, 2018, “Good news SBI customers! However, the cap of Rs 2 lakh per day for deposit at the non-home branch by SMEs remains. SBI customer base is over 42 crore and its branches handle a large number of customers, who come to deposit cash in their accounts, every day. This can also be done from the non-home branch of the bank. There is no restriction on number of deposits that can be made into the account. I hope you are clear with all the information mentioned in this article. India's largest public lender had informed the decision in a tweet, saying, "Good news SBI customers! Our range of easy access savings accounts can help you make the most of your money, whether you’re sending funds to India or saving for the future. State Bank of India (SBI) is an Indian multinational and a financial services body, headquartered in Mumbai, Maharashtra. Cash Deposit Limit in SBI Savings Account: Customers can deposit unlimited cash in the Personal Savings Account of State Bank of India (SBI). Now, the upper cap for #depositing #cash at a non-home #branch has been updated.". One may deposit cash into the account across the teller counter or else deposit cash through the cash deposit … It bagged the 236th rank in the Fortune Global 500 list of the world’s biggest corporations. Earlier, the upper limit at SBI non-home branch was Rs 25,000, as per SBI’s website. The per transaction limit is Rs.49,900/- for cardless deposit and through Debit Cards ₹2 lakh (subject to account has PAN number). An SBI account holder with average monthly balance above ₹ 25,000 and up to ₹ 50,000 will get 10 free cash withdrawals. Free Transfer of account from one branch to another. I agree to the Terms & Conditions and Privacy Policy. SBI customers whose minimum average balance is up to Rs 10,000, they can make upto Rs 25,000 cash deposit per day free of any charges. An SBI account holder maintaining average monthly balance (AMB) up to ₹25,000 will be allowed two free cash withdrawals at bank branches. Yes, one can deposit check any currency cheque in his or her bank account. Banks like SBI have different slabs when it comes to maintaining minimum balance in savings account. SBI changes Cash Deposit Rules for Savings Account. what if i use a cheque to deposit ? Get 25 thousand gift vouchers in SBI Card’s Refer and Earn program, friends will also get benefit. Free cash deposit upto Rs. Cash deposit transactions; SBI is offering three transactions free every month for deposit of cash. Cash withdrawal at home and non-home branch; The number of free cash withdrawals at a branch will be dependent on the AMB of your account. Facility of getting statement by e mail. State Bank of India removed the limit on cash deposits on customers in branches other than the home branch. September 14, 2018 Lakshey Bahl Savings Account. Joint account with survivorship benefit can be operated by the survivor, in such circumstances. To know more: https://bank.sbi/dsb Toll-Free no. State Bank of India (SBI) allows its account holder a fixed number of free cash withdrawals at bank branches. Your email address will not be published. +91-8882935454 Blog Is there an upper limit for the deposit in a day ? This cash deposit limit is only lifted for a savings account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account. To know more: https://bank.sbi/dsb Toll-Free no. There are many facilities and functions that customers can take or do only in the home branch. But the case is different for current account. However, these charges are not applicable to small/no frill deposit accounts, the bank stated on its website. CASH TRANSACTIONS: Cash Deposit Limit @ Home Location - Monthly Limit: Free upto ₹ 2 lacs per month or 25 txns (whichever is breached first) Charges @ ₹ 3/- per ₹ 1,000/-, minimum ₹ 50/- per txn beyond free limits: Cash Deposit Limit @ Non-Home Location - Monthly Limit: No free limit Charges @ ₹ 3.5/- per ₹ 1,000/-, minimum ₹ 50/- txn Bank of Baroda is also one of the banks to levy transaction charges on deposits/withdrawals beyond prescribed limits. Join Shirsha … Charges for cheques drawn on Branch locations. Thanks to the constant nudge by the Reserve Bank of India (RBI) to boost the financial inclusion drive in the country, both public and private sector banks are now providing BSBD accounts. If the cash deposit transaction exceeds three, then Rs 50 plus GST will be charged per transaction. As per SBI’s tweet, in a personal savings bank account, there will be no restrictions on the amount which can be deposited at a non-home branch. 25/-, Rs. Good news SBI customers! Statement of account is issued as per requirement at monthly/quarterly/half yearly/annual intervals. Earlier, the maximum amount one could deposit in the non-home branch was Rs 25,000. 25000/ -per day. Upto Rs 5,000. Home branch is the branch where a customer has opened his/her bank account. SBI customers can also use the cash deposit machine (CDM), which is an ATM-like machine for depositing cash directly into the account using the ATM cum debit card. Internet Banking: Net Banking facilities are not available for these account holders. 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"To avail SBI's banking facilities at your doorstep Register for doorstep banking today! However, the small savings account allows a maximum balance of ₹ 50,000, according to the SBI website. The cash deposit limit in the non-home branch is fixed at Rs 2 lakh per day for the savings account for the Agri and SME segments. In case they do not wish to make a nomination, the fact should be recorded on the account opening form under their full signature. Taking into account the current repo rate, SBI savings deposit accounts with over Rs 1 lakh balance are likely to earn lower interest on their savings account in comparison to those with lower balances. 4) Verify your Form & Documents: Meet the Accounts Executive and ask him to verify your documents and form for opening a new Savings Account with SBI.Upon verification and successful validation of your documents and form, you can go to the next step. 100 (per transaction) for the first two transactions and Rs. Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs. SBI released this news o the twitter “Good news SBI customers! Once your PPF account with SBI is up and running, you will receive an SBI PPF account passbook which details all credits and debits to the account and also contains key details such as PPF account number and branch code. However, these charges are not applicable to small/no frill deposit accounts, the bank stated on its website. SBI had removed the maximum limit on cash deposits through a non-home branch in Savings account in the year 2018 and facilitated personal savings account holders to deposit cash as much as they want in the account through non-home branch. If the cash withdrawal exceeds the free limit, SBI levies certain charges for that. SBI has still retained the maximum limit for cash deposits in Agri and SME accounts. Required fields are marked *. SBI also charges Rs 50 (plus GST) per transaction on cash deposits at non-home branches, says its website. rajtechnews March 25, 2019 SBI Cash Deposit Machine: Know CDM maximum limit per day, charges, other details 2019-03-25T09:03:36+00:00 NEWS. Cash Withdrawal: Up to 6 free transactions allowed from ATMs and transfers in a month. You can deposit Rs 2.5 Lac or any other amount of Rs 50000/- and above by cash in SBI Savings Account in a single day by just indicating your PAN Number in the deposit form. However a condition is applicable for depositing unlimited cash from non home branch. OBC Basic Savings Bank Deposit Account is a simple zero balance savings bank account that allows the financially disadvantaged to avail basic banking facilities such as free ATM card, … Privacy Policy Agreement * Subscribe on YouTube. SBI customers can also deposit cash in your PPF, RD and Loan accounts through cash deposit machines. According to SBI’s tweet, in personal savings bank account, there will be no restrictions on the amount that can be deposited at a non-home branch. Apart from this, the other branches of the bank are called non-home branches. SBI has still retained the maximum limit for cash deposits in Agri and SME accounts. However, the limit of four ATM withdrawals in a month only applies to the basic savings bank deposit accounts and the Jan Dhan accounts. 1800 1037 188 or 1800 1213 721," SBI said in a tweet. The bank has said this while replying to a customer’s query on its Twitter handle. 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