SBI reduced minimum balance limit for savings account, effective on April 1

SBI slashes monthly balance charges by 75 per cent

The State Bank of India closed almost 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the average monthly balance, an RTI query revealed on Tuesday.

The revised charges will be effective from April 1, 2018. The decision comes in view of the feedback from the various users.

In semi-urban and rural centres the charges have been trimmed from Rs 40 per month plus GST to Rs 12 and Rs 10 per month plus GST, respectively.

Currently, the customers of their metro and urban centres are liable to pay a maximum monthly penalty of Rs 50 plus GST, for a failure to maintain the AMB. The bank has reduced the charges by up to 75% in different categories of savings account, after taking in feedback from various stakeholders. "Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations". SBI has announced that it will benefit over 25 crore customers. 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.

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The penalty for non-maintenance of MAB is calculated on a staggered basis - depending on the shortfall - so be sure to go through your bank's website for the relevant details.

The state-owned lender has around 410 million savings bank accounts, of which around 160 million are exempted from AMB requirement.

A finance ministry data, released in early January, showed that SBI netted a windfall of Rs 1,771.67 crore, more than its second quarter profit, from customers for non-maintenance of monthly average balance in savings accounts in eight months of 2017-18. Of these, 16 crore accounts are under the Pradhan Mantri Jan Dhan Yojna, BSBD, pensioners and minors, which are all exempt from the penalty for not maintaining the minimum balance. 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.

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