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SBI cuts charges for non-maintenance of minimum balance from April 1

SBI cuts charges for non-maintenance of minimum balance from April 1

The revised charges will be viable from April 01, 2018 and will profit more than 25 crore clients.

For eliminating the tension mounting over maintaining average minimum balance among Indian citizens, the largest financial service provider State Bank of India (SBI) in a major move has made a decision to trim down the charges levied on AMB in savings account with effect from April 01, 2018.

SBI collected Rs1,771.67 crore from customers on account of non-maintenance of AMB between April and November 2017, according to the finance ministry's answer in Lok Sabha on 29 December.

In metro & urban, the bank will charge minimum Rs.10 plus GST and the maximum charge is Rs.15 plus GST. Likewise, for Rural centres and Semi-Urban customers, the charges have been cut from Rs 40 every month to Rs 12.

The SBI also allows its customers to shift from a regular savings bank account to a basic savings bank deposit (BSBD) account on which no charges are levied.




SBI Minimum Balance Charges for SB Accounts decreased.

State Bank of India (SBI) has retained the amount that has to be maintained as average monthly balance. The move had invited widespread criticism. "The bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customers' expectations", he added. The amount recovered from the fine amounted to be more than the profits of the bank's Rs 1,581.55 crore in July-September and almost half of the net profit of Rs 3,586 crore in April-September.

In this case, the SBI Bank has replaced the penalty again. On the other hand, if we talk about rural areas, you have to maintain a balance of 1000 rupees in your account as a minimum balance. Using SBI as an example, the account holder would need to keep Rs 3000 MAB.

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.

SBI reported a net loss of Rs 2,416 crore for the December quarter as it had to make provisions for rising bad loans. The bank clarified that customers always had the option of converting the regular savings bank accounts to basic savings bank account (BSBD account) to avoid incurring charges for non-maintenance of account balance.


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