SBI slashes penalty for not maintaining monthly balance

NewsBharati    13-Mar-2018
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Mumbai, March 13: In a news that comes as a big relief, the State Bank of India (SBI) has announced that it is reducing fine for not maintaining a minimum balance in customers' accounts by 75%.

As per the new orders, in Metro and Urban centres, the fine has been reduced from a maximum of Rs 50 per month to Rs 15 per month plus GST. While the same has been reduced from Rs 40 per month to Rs 12 and Rs 10 per month respectively in semi-urban and rural centres.

"We have reduced these charges taking into account the feedback and sentiments of our customers," SBI's managing director (retail and digital banking) P K Gupta said. "The bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customers' expectations," he said.

A customer always has the option of converting the regular savings bank account to basic savings bank deposit account (BSBD) account free of charge, in case he desires to avail basic savings bank facilities without being subject to maintenance of AMB, Gupta said.

Notably, the Reserve Bank of India has permitted banks to levy charges for breaching minimum balance limit. The above revision will benefit 25 crore bank customers.

SBI State bank of India penalty non maintenance minimum balance saving accounts