SBI Reduces Minimum Balance To Rs 3000 For Savings Account
26/09/2017 02:38 PM
State Bank of India (SBI), India's largest banking network, faced severe criticism after it began charging hefty penalty for non-maintenance of Minimum Balance by Customers.
Monthly Balance requirement in Banks Accounts in Metro & Urban Centres has been reduced to Rs 3,000 from Rs 5,000.
Penalty has been reduced from 20 to 50 percent in Metro, Urban, Semi-Urban and Rural areas. While Branches in Urban Areas and Metros charge Rs 30 to 50, Those in Rural & Semi-Urban levy Rs 20 to 40 for lack of Minimum Balance. The revised Minimum Balance charges will be applicable from October 2017.
SBI informed Customers can always convert their regular Saving Bank Account to basic Savings Bank Deposits Account which aren't chargeable.
13 crore out of 42 crore Savings Bank Accounts of SBI were already exempted from Minimum Balance penalty. These accounts are either Pradhan Mantri Jan Dhan Yojana and Basic Savings Bank Deposits Accounts.