SBI slashes monthly balance charges by 75 per cent

SBI slashes monthly balance charges by 75 per cent

SBI slashes monthly balance charges by 75 per cent

The country's largest lender had reintroduced the monthly average balance (MAB) charges last April after a gap of six years, charging up to Rs 100 as penalty. The charges at semi-urban and rural centres were also revised to Rs 20-40 from Rs 25-75, said an Economic Times report. For Semi-urban and Rural centres, charges are reduced from Rs. 40 per month plus GST to Rs 12 and Rs 10 per month.

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. The bank has reduced the charges by up to 75% in different categories of savings account, after taking in feedback from various stakeholders.

RBI guidelines mandate that charges for non-maintenance of minimum balance in savings bank accounts be "reasonable".

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If you are not an SBI customer, you will have to continue to be vigilant about the average balance in your bank account - unless it is a zero balance account, like a salary account and the financial inclusion accounts.

According to media reports, this decision was taken following some criticism that the bank earned Rs 1,771 crore in just eight months from depositors who failed to maintain balance.

SBI's plan to reduce the minimum balance requirement reportedly comes after the negative news on the income generated on the fees.

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The SBI offers an interest rate of 3.5 per cent on saving bank deposits of up to Rs 1 crore and 4 per cent on deposits of over Rs 1 crore. Besides, students up to the age of 21 years are also exempted. The amount was also almost half of the Rs 3,586 crore the bank earned as net profit from April to September.

Shifting to BSBD account is even more convenient and flexible, because there is no charges levied by SBI on them. The bank of Tuesday stated 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.

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