SBI slashes monthly balance charges by 75 per cent

State Bank of India has retained the amount that has to be maintained as average monthly balance

In a move that is likely to benefit around 25 crore customers of the PSU bank, the State Bank of India (SBI) on Tuesday slashed charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts by almost 75 per cent.

The above revision will benefit 25 crore bank customers. The move will benefit almost 25 crore of the bank's customers. So also for Semi-Urban and Rural centers, the charges have been reduced from Rs 40 consistently to Rs 12 and Rs 10 GST charges will be material far beyond the rates indicated previously. The amount was also almost half of the Rs 3,586 crore the bank earned as net profit from April to September.

India's largest lender had started charging depositors the penalty on April 1, 2017. Earlier, metro and urban customers were charged Rs 40 to Rs 100 rupees for not maintaining average balance. "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 added.

The features of BSBD accounts are available on the bank's website bank.sbi.

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In April 2017, SBI had re-introduced the requirement for maintaining AMB and imposed penalties for non-maintenance after six years. The rates of monthly average balance is Rs 3,000 for metros, Rs 2,000 for semi-urban areas and Rs 1,000 for rural areas.

‎"We have reduced these charges taking into account the feedbacks and sentiments of our customers". Exempted accounts are those related to Pradhan Mantri Jan Dhan Yojana, basic savings bank deposit account, and accounts of pensioners and minors, among others.

RBI guidelines mandate that charges for non-maintenance of minimum balance in savings bank accounts be "reasonable". Also, accounts holders under the age of 21 were exempted.

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