- Advertisement -
State Bank of India (SBI), India’s biggest banking organization, confronted serious feedback after it started charging huge penalty for non-maintenance of Minimum Balance by Customers. Month to month Balance prerequisite in Banks Accounts in Metro and Urban Centers has been decreased to Rs 3,000 from Rs 5,000.
Penalty has been diminished from 20 to 50 percent in Metro, Urban, Semi-Urban and Rural zones. While Branches in Urban Areas and Metros charge Rs 30 to 50 (from Rs 50-100 currently), Those in Rural and Semi-Urban collect Rs 20 to 40 (from Rs 25-75 currently) for absence of Minimum Balance.
The government bank has also removed charges for non-maintenance of Monthly Average Balance (MAB) for pensioners, beneficiaries of social benefits from the government and accounts of minors. The modified Minimum Balance charges will be relevant from October 2017.
SBI educated Customers can simply change over their standard Saving Bank Account to essential Savings Bank Deposits Account which aren’t chargeable. 13 crore out of 42 crore Savings Bank Accounts of SBI were at that point exempted from Minimum Balance penalty.
This is in addition to the already exempted categories under PMJDY (Prime Minister’s Jan Dhan Yojna) accounts and Basic Savings Bank Deposits Accounts (BSBD),” the statement added.
The bank has a strong deposit franchise having 42 crore savings bank accounts out of which 13 crore accounts under PMJDY / BSBD were already exempted. The above revision is likely to benefit another 5 crore account holders.