SBI slashes minimum balance non-maintenance fines by up to 75%

SBI reduces minimum balance charges to Rs 15 Check out new rates

In a move that is likely to benefit around 25 crore customers of the PSU bank, the State Bank of India (SBI) on Tuesday slashed charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by almost 75 per cent. Later in October, the bank had revised down the charges to some extent. The decision comes in view of the feedback from the various users. The charges for non-support of AMB for clients in Metro and Urban focuses have been lessened from a most extreme of Rs 50 every month to Rs 15 every month.

For semi-urban and rural centres, the charges have been reduced from Rs 40 to Rs 12, and Rs 10 per, respectively.

Now, The charges for non-maintenance of AMB customers in Metro cities (Mumbai, Delhi, Kolkata) and Urban centres have been reduced from 50Rs per month to 15Rs per month. SBI has announced that it will benefit over 25 crore customers. The minimum balance for SBI savings accounts are Rs 3,000 for accounts in the Urban and Metro areas. This penalty was conveyed down to Rs 30-50.

It slashed service charges for non-maintenance of AMB by 20-50%. The bank also clarified that customer always has the option of converting the regular savings bank account to Basic Savings Bank Account (BSBD account), free of charge, in case he desires to avail basic savings bank facilities without being subject to maintenance of AMB. These charges are between Rs20 and Rs40 in semi-urban and rural branches.

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Additionally, students up to the age of 21 years are also exempted.

The aforementioned revision in AMB is expected to benefit 25 crore customers.

Interestingly, while SBI provided relief to customers in regards to AMB in savings account, it also encouraged customers for shifting towards Bank Saving Bank Deposit (BSBD) account. My outgo on the ATM card itself is Rs 1,500 crore annually.

While levying of charges by public sector banks, for not maintaining minimum balances, has been in the news; it is still very low in comparison to that imposed by private sector banks.

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