SBI changes Cash Deposit Rules for Savings Account

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State Bank of India removed the limit on cash deposits on customers in branches other than the home branch. The Bank tweeted on 11^th September, 2018, “Good news SBI customers! Now, the upper cap for depositing cash at a non-home branch has been updated”. A home branch is the branch where a customer has opened a bank account. All other branches of the bank are non-home branches for that particular customer.

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. Earlier, the upper limit at SBI non-home branch was Rs 25,000, as per SBI’s website. SBI also charges Rs 50 (plus GST) per transaction on cash deposits at non-home branches, says its website. For SME segment accounts, the limit on cash deposits at non-home branch remains unchanged at Rs 2 lakh per day, SBI said in the tweet.

State Bank of India is also advising its customers, who currently have magstripe debit cards, to change their debit cards to chip-based debit cards. As per RBI guidelines, those holding magstripe debit cards are required to change to EMV chip debit cards by the end of this year.

Read more: Have SBI ATM Card? You May Have to Get it Replaced

An EMV chip card is the latest global standard for debit card payments which features debit cards with embedded microprocessor chip and protects its users from card fraud.