SBI slashes non-maintenance charges of minimum balance by 75 per cent

State Bank of India- File

Like other banks, SBI imposes penalties on non-maintenance of average monthly balance (AMB) in most savings account. These revised charges will be effective in India from 1st April 2018.

In metropolitan areas, a shortfall of 50% or less in the average balance for a month will be penalised Rs 10 instead of Rs 30. For Semi-Urban and Rural centres the charges have been reduced from Rs 40 per month plus GST to Rs 12 per month and Rs 10 per month plus GST respectively, a TOI report said.

The charges for non-maintenance of AMB for customers in Metro and Urban centres have been reduced from a maximum of Rs 50 per month to Rs 15 per month.

Retail & Digital Banking, SBI said, "We have reduced these charges taking into account the feedback and sentiments of our customers".

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.

More news: Singer Aditya Narayan's vehicle rams auto; 2 hurt

The minimum balance for SBI savings accounts is Rs 3,000 for accounts in urban and metro areas.

SBI cuts down charges on minimum balance maintenance. These charges are between Rs20 and Rs40 in semi-urban and rural branches. Truly, This decision follows severe criticism that the bank received a huge income of Rs 1,771 crore in just eight months from clients who failed to maintain balance in their bank accounts.

Of the 41 crore savings accounts, 16 crores are under the Pradhan Mantri Jan Dhan Yojana (PMJDY)/BSBD and of the pensioner, minors, social security benefit holders which are all exempted from the penalty for not maintaining of the minimum balance.

The features of BSBD accounts are available on the bank's website bank.sbi.

Additionally, students up to the age of 21 years are also exempted. He added that depositors had the option to convert their regular savings accounts to basic savings deposit accounts, which do not fine holders if they do not maintain a minimum balance every month. Besides, it has unveiled a Rs 2.11 lakh crore recapitalisation plan.

Related News:



Most liked

Craig Mack Latest News, Photos, and Videos
Craig Mack , who found fame as a rapper with Diddy 's Bad Boy Records in the 1990s, has passed away at the age of 46. Mack's huge 1994 hit, 'Flava, ' earned him a Best Rap Solo Grammy nomination, although he lost to Queen Latifah .

Allen Robinson Set to Join Chicago Bears
Robinson, 24, had 48 catches for 548 yards and two touchdowns as a rookie before a knee injury ended his season after 10 games. After leading the National Football League with 31 catches of 20 or more yards in 2015, Robinson had just 11 in 2016.

Sevilla coach Montella on Man Utd trip: Score and everything changes
Manchester United midfielder Paul Pogba has missed training ahead of the Champions League clash with Sevilla on Tuesday evening. I say Liverpool to show that Sevilla is a really good team and the result of the first leg is one that leaves everything open.

Sevilla prepared to 'suffer' against Man United at Old Trafford - Montella
At the same time, it has to be remembered that Sevilla were the team disappointed with the fact that the first leg ended goalless. Mourinho led Porto to an unlikely triumph in the 2003-04 competition and did likewise with Inter six years later.

UFO? Navy Pilots Sight Strange Craft
Bush administrations, wrote a Washington Post op-ed about why the government should care more about these sightings. The Pentagon confirmed the existence of the program, funded and activated thanks in large part to former U.S.

TCS shares fall over 5%; m-cap dips by Rs 30513 cr
Tata Sons will use the proceeds to pay creditors of its wireless division, according to a person with knowledge of the matter. Shares of TCS, Asia's largest software developer, closed 5.22% lower on the Bombay Stock Exchange ( BSE ) on Tuesday.

'American Idol' ABC premiere draws 10.3 million viewers
Alyssa, a 15-year-old high school student Orlando, FL, sang "Almost Is Never Enough" by Ariana Grande featuring Nathan Sykes. She called this a "pinch me" kind of moment that ended with three "yes" votes and that shiny golden ticket to Hollywood.

S. Korea praises China's role in nudging N. Korea to talks
A South Korean spokesman said, "I feel they're approaching this matter with caution and they need time to organize their stance ". Some experts are concerned that North Korea could be seeking to delay global action while strengthening its nuclear program.

Hamill named as St Patrick's Festival Guest of Honour
Star Wars: The Last Jedi is all set to premiere on Digital HD starting March 13 and on 4K Ultra HD and Blu-ray on March 27. It looks a lot like what the documentaries looked like for Lord of The Rings - though probably not quite as long.

Bomb Targets Palestinian Authority PM's Convoy as It Enters Gaza
The World Bank, European Union and other European governments have paid almost US$75 million (NZ$102 million) in funding. Radical Islamists opposed to Hamas also operate within the Gaza Strip and have regularly been behind unrest there.

Frida Kahlo's Family Is Not Thrilled with Her Barbie Doll
Salma posted an image of the doll to her Instagram and wrote: '#fridakahlo never tried to be or look like anyone else . Hayek's not the only one questioning the doll, with Kahlo's own family calling for a redesign.

Everton fans beg Southampton to take Allardyce after Pellegrino sacking
Southampton have won only once in their last 17 EPL outings, though the team have qualified for the quarter-finals of the FA Cup . Southampton has 29 goals in 30 games, winning only five of them.

Ruckus continues, RS adjourned till 2 pm
TDP President Nara Chandrababu Naidu has finally taken a back step regarding the 3rd Rajya Sabha seat. Chandrababu Naidu has chose to play it safe in the Rajya Sabha elections and not take any risks.

National Football League free agency 2018: Buffalo Bills interested in Sam Bradford, Case Keenum
For teams missing out on Washington quarterback Kirk Cousins in free agency, Cousins is thought of as the top consolation prize. Their inconsistent play on both the offensive line and at quarterback have been big reasons why they've sat out the postseason.

Notre Dame Women's Basketball: Irish Get 1-Seed in NCAA Tourney
The Ducks could stay out west and play in Spokane, where coach Kelly Graves spent many years as Gonzagas coach. Geno Smith has shot down any potential rumors about him one day coaching the UConn men's basketball team.