Relief For SBI Customers, Penalty For Not Maintaining AMB Reduced By 75%

SBI cuts down charges on minimum balance maintenance

SBI cuts down charges on minimum balance maintenance

The SBI Bank has issued a notification on April 1, reducing the penalty on a savings account.

In a good news, shifting to BSBD account is also free of charges at SBI. The decision comes in view of the feedback from the various users. In the municipal corporation a fine of Rs. 50 GST tax is Rs. Rs 65 will be charged and in the municipal area Rs. 52 will be charged.

Penalties in Metro/Urban centers ranged between Rs. 40-100, and between Rs. 25-75 for Semi-Urban and Rural centers. The revised charges for non-maintenance of minimum balance in metro and urban centres have been reduced to Rs 15 per month plus GST from a maximum of Rs 50 per month plus GST.

On reduction of charges, P K Gupta, MD - Retail & Digital Banking, SBI said, "We have reduced these charges taking into account the feedbacks and sentiments of our customers".

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The move will benefit 25 crore customers of the bank.

SBI has reviewed its minimum balance requirement following a finance ministry report which showed that SBI collected Rs 1,771 crore during April-November 2017 as a penalty from customers for non-maintenance of monthly average balance in savings accounts.

"When an SBI customer uses a debit card at some other bank ATM, then SBI has to pay Rs 17 to the bank".

SBI's current minimum balance for urban areas is Rs 3,000, while for semi-urban and rural areas it is Rs 2,000 and Rs 1,000, respectively.

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The Bank has a very strong deposit franchise having 41 crores Savings Bank accounts out of which 16 crore accounts under PMJDY / BSBD and of pensioner/minors/social security benefit holders were already exempted.

Last month, Kumar had said savings accounts are a product in which it is expected that some money would be available and transactions will take place.

India's largest lender had started charging depositors the penalty on April 1, 2017.

There are huge transactions costs associated with savings bank accounts, he had said. Besides, students aged below 21 years are also not required to maintain minimum balance.

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