The State Bank of India (SBI) plans to introduce significant changes to its rules, which will take effect on October 1st. It may now become more expensive for SBI customers with bank accounts to withdraw cash through ATMs, although these changes will not affect all customers.
This upcoming adjustment was announced by SBI back in August. The main change concerns Basic Savings Bank Deposit (BSBD) accounts opened through bank branches.
Starting October 1st, if SBI customers withdraw money more frequently than the allowed four times per month free of charge, they will have to pay 15 rupees plus applicable GST. The bank emphasized that the option for four free monthly withdrawals will remain, but an additional fee will be charged for every subsequent withdrawal after this limit is reached.
SBI announced these changes in a public notice and provided information on the social network X. Digital transactions will remain free, and there will be no limits on the number of such operations.
Changes were also made to the mechanism of transactions through the Aadhaar Enabled Payment System (AePS). Previously, AePS transactions were considered digital operations and were not counted in the limit of four free withdrawals per month. Now, SBI is abolishing this exemption, meaning AePS operations will be subject to the new rules.
Furthermore, in August, SBI changed the interest rates for internal large deposits (Fixed Deposits) amounting to 3 crore rupees and above. The new rates came into effect on August 15th.
SBI reported a 10.23 percent year-on-year increase in net profit for the first quarter of the 2027 financial year. The bank attributes this success to a significant increase in interest income, sharp expansion of lending, and a substantial reduction in provisions for bad loans.
Net profit for the April-June quarter amounted to 21,121 crore rupees, compared to 19,160 crore rupees in the first quarter of the 2026 financial year. Operating profit increased by 9.8 percent, reaching 33,529 crore rupees, and net interest income grew by 14.9 percent to 46,992 crore rupees.
