SBI announces slashing its charges for not maintaining minimum balance by 75% which will be effective from April 1st, 2018. SBI has previously announced that the Metro and Urban customers are requested to maintain Rs. 3000 minimum balance from October 1, 2017. Customers in semi-urban areas were required to maintain RS. 2000 monthly balance and rural branches required customers to have a minimum balance of Rs. 1,000.
The charges being levied for non-maintenance of minimum balance was a bit high which were slashed down by 75% after considering the view of various stakeholders. The freshly revised average monthly balances for customers in Metro and Urban centers have been reduced from a maximum of Rs. 50 per month plus GST to Rs.15 per month plus GST. Likewise, in semi-urban areas and rural centers, the charges have been reduced from Rs. 40 per month plus GST to Rs. 12 plus GST and Rs. 10 per month plus GST, respectively. These will be implemented from April 1st 2018.
SBI MD of Retail and Digital banking said, “We have reduced these charges taking into account the feedbacks and sentiments of our customers. Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations. Bank also offers its customers to shift from regular savings bank account to basic savings bank account (BSBD) account on which no charges are levied.”
SBI also provides an option for converting the regular savings bank account into BSBD, free of charge and the AMB charges are also not applicable for this account.