Monday, 23 April, 2018

SBI reduces charges for non-maintenance of average minimum balance

State Bank of India has retained the amount that has to be maintained as average monthly balance State Bank of India has retained the amount that has to be maintained as average monthly balance
Patty Aguilar | 13 March, 2018, 15:40

This means that the SBI has reduced the penalty for the balance sheet in the savings account.

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 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. For semi-urban and rural centres, the penalty has been reduced from Rs 40 to Rs 12 a month.

P.K. Gupta, managing director, retail and digital banking at SBI, said the bank has reduced the charges on the basis of customer feedback. Prior, metro and urban clients were charged Rs 40 to Rs 100 rupees for not keeping up the minimum balance.

The Bank also provides the option of converting the regular savings bank account to Basic Savings Bank Account (BSBD account), free of charge.

Last April, the nation's largest lender had re-introduced the penal charges on non-maintenance of average monthly balance, after a gap of five years. The move had invited widespread criticism. Later in October, the bank had revised down the charges to some extent.

The above revision will benefit 25 crore bank customers.

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Public sector banks (PSBs) are reeling under bad loans. Both these accounts do not have minimum balance requirements.

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.

In this case, the SBI Bank has replaced the penalty again.

There are huge transactions costs associated with savings bank accounts, he had said.

He said there are more than 14 crore BSBD accounts, where the bank don't charge anything and the It also handles 40 percent of the financial inclusion accounts.

According to the release, the reduced rates will benefit 25 crore customers.

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