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: OECD Sees Better Outlook, if Trade Escalation Avoided

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

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.

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