Money & Banking

Covid-19: SBI temporarily raises ceiling for cash withdrawal by customers at ‘non-home’ branches

Our Bureau | | Updated on: May 23, 2021

FILE PHOTO: A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, India, February 9, 2018. REUTERS/Rupak De Chowdhuri/File Photo | Photo Credit: RUPAK DE CHOWDHURI

The branch where the customer’s account is maintained is called the ‘home’ branch, all other branches are called ‘non-home’ branches

State Bank of India (SBI) has temporarily upped the ceiling for non-home cash withdrawal for self and also enabled non-home cash withdrawal by third-parties at its branches so that customers don’t have to travel far to meet their urgent cash requirements amid the raging Covid-19 pandemic.

India’s largest bank has doubled cash withdrawal for self (using cheque) to Rs 1 lakh per day.

Cash withdrawal for self (using withdrawal form) accompanied by Savings Bank Passbook has been upped five times to Rs 25,000 per day.

Cash withdrawal by a third party, which was not allowed earlier, has been pegged at Rs 50,000 per day (using cheque only).

Home branch is a branch where the customer’s account is maintained. Branches other than their home branch are called non-home branches.

The above mentioned revision in ceilings for non-home transactions for ‘Personal’ segment customers is available up to September-end 2021. The move could prompt other banks to follow suit, to help customers transact at the nearest branch in case of an emergency.

SBI has disallowed cash payment to third parties via withdrawal forms. Branches would verify Know-Your-Customer (KYC) document(s) of the third party and preserve them along with the instruments.

Published on May 23, 2021
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