SBI Slashes Charges For Non-Maintenance Of Minimum Balance In Savings Account Up to 70%

The Logical Indian Crew

March 13th, 2018

SBI

Courtesy: The Economic Times, The Times of India I Image Credit: jansatta.com

In a move that will benefit its consumers, State Bank of India (SBI) has cut its charges for the non-maintenance of Average Monthly Balance (AMB) in savings accounts. The new charge will be effective from April 1, 2018. The move is expected to benefit 25 crore SBI customers, as reported by The Economic Times. SBI informed that the decision to reduce AMB was taken after considering the feedback of its stakeholders.

‎”We have reduced these charges taking into account the feedbacks and sentiments of our customers. SBI also offers its customers options to shift from regular savings bank account to basic savings account on which no charges are levied,” the officials said.

In metro and urban areas, the charges for non-maintenance of AMB has been reduced to Rs 50 per month to Rs 15 per month. For semi-urban and rural customers, the charges have been slashed from Rs 40 per month to Rs 12 and Rs 10 respectively. GST charges will be applicable on top of the above-mentioned charges.

Severe criticisms were drawn at SBI for imposing heavy charges on its consumers. The bank earned an income of Rs 1,771 crore in just 8 months, from consumers who failed to maintain a minimum balance in their savings account. The amount surpassed SBI’s July-September quarter net profit of Rs 1,581 crore.

It was in April 2017 that SBI has revised its AMB charges after a gap of six years. After repeated feedback from the stakeholders. In October last year, SBI reduced the service charges on non-maintenance of AMB by 20-25%.

Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations. Bank also offers its customers to shift from regular savings bank account to BSBD account on which no charges are levied,” said PK Gupta, MD, SBI to The Economic Times.

The bank exempted beneficiaries of social benefits and pensioners from the levy of these charges.

Share your thoughts..

Propelled by

VOLVO

Make Your City Safe

Related Stories

SBI

SBI Closes Over 41 Lakh Savings Accounts For Not Keeping Average Minimum Balance 

Not Maintaining ‘Minimum Balance’ In Your Account? Beware Of The Penalty

SBI Waives Closure Charges For Savings Accounts That Are Over Six Months Old

SBI Waives Closure Charges For Savings Accounts That Are Over Six Months Old

Minimum Balance In SBI Savings Bank Account In Metros Reduced From Rs 5,000 To Rs 3,000

You Can Open SBI Basic Savings Account To Avoid Penalty For Not Maintaining Minimum Balance

Latest on The Logical Indian

News

PMO Proposes Change In Cadre (State) & Service Allocation Process Of UPSC Candidates

News

Gujarat: Five Arrested For Flogging A Rag Picker To Death After Video Surfaced

News

Kerala Nurse Sacrifices Life To Treat Nipah-Infected Patients, Govt Announces Compensation

News

Rs 127 Cr GST Fraud Unearthed In Mumbai, Two Accused Sent To 15 Days Judicial Custody

News

Sterlite Protest: Decades-Old Struggle Of Thoothukudi Against Vedanta’s Company

Awareness

India Ranks 145th Among 195 Countries In Healthcare Access, Quality: Lancet