SBI may announce minimum balance criteria again

08 January, 2018, 02:13 | Author: Darrell Lopez
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The country's largest lender State Bank of India (SBI) is likely to reduce minimum balance requirement for savings accounts, media reports said on Friday.

SBI was followed by Punjab National Bank which recorded the collection of Rs 97.34 crore during the April-November period.

When asked if reduction of monthly average balance (MAB) is on the cards, Gupta said SBI has got some feedback on the same and the bank will take a view on the same in the review.

The development comes after the finance ministry flagged off the issue of profits public sector banks made by charging penalty for non-maintenance of monthly minimum balance.

As per the list of revised charges of SBI, failure to maintain monthly average balance in accounts attracts penalty of up to Rs 100 plus goods and services tax (GST).

While between April and October, the MAB was Rs 5,000 for metro accounts which was brought down to Rs 3,000 per account.

Currently, customers of the bank in metro and urban areas are required to maintain an average monthly balance of Rs. 3,000, while the same for semi-urban areas is Rs. 2,000 and for rural areas, it is Rs. 1,000.

The bank subsequently lowered the MAB following criticism from the customers. From April 1, 2017, the bank had reintroduced the monthly average balance (MAB) charges after a gap of five years. The penalties and conditions for urban area customers will also be the same as SBI clientele from metro cities. It also slashed charges from 20-50% for non-maintenance of MAB across all population groups and categories. People with savings accounts with SBI branches in semi-urban areas will have to pay fines to the tune of Rs 20 if their MAB is between Rs 1,999 and Rs 1,000, as opposed to Rs 25 before. For MAB less than Rs 500, they will now have to pay Rs 40 instead of Rs 75.

SBI has close to 40.5 crore savings account customers.

"The Bank has a very strong deposit franchise having 41 crore savings bank accounts out of which 16 crore accounts under PMJDY / BSBD and of pensioner, minors, social security benefit holders were already exempted".


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