SBI to revise cash withdrawal charges from October 1; check new rules

The State Bank of India ( SBI ) on Thursday announced that it will revise cash withdrawal charges, effective October 1, for Basic Savings Bank Deposit (BSBD) accounts opened through the branch channel.

In a notice, SBI said four cash withdrawals per month will continue to be free, while withdrawals beyond four in a month will attract a charge of ₹ 15 plus GST per transaction.

“Customers are requested to take note that all digital transactions will continue to be free without any restriction,” the statement added.

Indian lenders have raised USD 4 billion in recent months through global bond issuances, and the trend is likely to continue in the remainder of the second half of 2026, one of the arrangers for such deals said on Wednesday, PTI reported.

The money has been raised between June 16 and August 13, starting with a USD 750 million issuance from the largest private sector lender HDFC Bank and the last such issuance was a cumulative USD 700 million fund raise by state-run Bank of Baroda through two instruments.

"With strong demand across recent transactions and continued international investor interest in Indian financial sector credit, this trend is expected to continue through the second half of 2026," Citi India said.

Without disclosing the exact amounts it has facilitated for Indian lenders, Citi said it has been "closely involved" in this trend.

The RBI in the first week of June announced a concessional forex swap facility along with other moves to attract more foreign currency into the country amid a sustained pressure on the rupee which was breaching lifetime lows.

Other transactions include USD 500 million fund raise by SBI, the largest Indian lender on August 11 through five-year paper, the Citi note said.

It also mentioned that at T 88 or 0.88 per cent over the US treasury bill, the SBI's fund raise achieved the tightest 5-year spread for an Indian bank since SBI's own issuance in last September.

ICICI Bank, the second largest among private sector banks, raised USD 1 billion from a 5-year paper at a spread of T 100, the statement said, adding that this was the largest USD senior bond issuance by an Indian private sector bank in nearly 14 years.

Earlier on June 23, Axis Bank had raised a cumulative USD 800 million through two instruments, including USD 300 million from a USD 5-year senior unsecured fixed rate notes at T 110 and the remaining USD 500 million from USD Perpetual NC5.5 RegS subordinated at1 fixed rate notes at 6.875 per cent, it said.

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