SBI changes cash deposit rules for account holders
In what could be a happy-happy news for the account holders in the country’s largest lender- State Bank Of India (SBI), the upper cap for depositing cash at a non-home branch has been updated.
SBI revealed the information through a tweet saying, “Good news SBI customers! Now, the upper cap for depositing cash at a non-home #branch has been updated.”
In other words, there is no limit on the amount that can be deposit at a non-home branch.
It may be noted here that a home branch is the branch where a customer has opened his/her bank account while all other branches are non-home branches for the customer.
— State Bank of India (@TheOfficialSBI) September 12, 2018
Earlier the maximum deposit was fixed at Rs 25,000. But the tweet mentions that there is no restriction on the cash deposit at a non-home branch in Personal Segment Savings Bank account.
In another initiative to curb the growing curfew across the country, SBI informed that the daily cash withdrawal limits for the Classic and Maestro Debit Cards has been reduced.
As per reports, the withdrawal limit would be reduced to Rs 20,000 from the present Rs 40,000 per day with effect from October 31, 2018.
SBI further mentioned that if anyone requires a higher daily cash withdrawal limit, he/she should apply for a higher card variant. This apart, the new withdrawal limit will encourage the digital and cashless transactions, it stated.