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SBI slashes monthly balance charges by 75 per cent

13 March 2018

SBI has revised the current penalty charges for not adhering to maintaining average minimum balance.

The nation's largest bank, State Bank of India has made a massive cut in the non-maintenance of Average Monthly Balance (AMB) in savings accounts by almost 75 per cent.

In metro & urban, the bank will charge minimum Rs.10 plus GST and the maximum charge is Rs.15 plus GST.

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SBI now charges penalty from customers for non-maintenance of monthly average balance in savings accounts.

Earlier, the bank had reduced the monthly average balance (MAB) requirement to Rs 3,000 from Rs 5,000 in metro cities. "Bank also offers its customers to shift from regular savings bank account to BSBD account on which no charges are levied", Indian Express quoted PK Gupta, MD - Retail & Digital Banking, SBI, about the reduction of charges.

In October 2017, SBI had cut service charges for those people who do not maintain their monthly average balance; they reduced the charges by a huge 20-50%. The move had invited widespread criticism. The sum was more than SBI's July-September quarter net benefit of Rs 1,581.55 crore and nearly 50% of the Rs 3,586 crore it earned as net benefit April-September.

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According to release, for semi-urban centres, the charges have been reduced from Rs 40 to Rs 12 per month plus GST and for rural centres. "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 alternative is to continue paying steep penalties, at least till the RBI forces all public and private banks to follow SBI's lead. This means that the SBI has reduced the penalty for the balance sheet in the savings account. You don't have to obsess about sticking to the threshold stipulated by your bank - which can be anything from Rs 500 quarterly as in the case of Corporation Bank to Rs 10,000 monthly for the leading private banks - every single day of the month.

SBI reported a net loss of Rs 2,416 crore for the December quarter as it had to make provisions for rising bad loans.

SBI has a very strong deposit franchise having 41 crores 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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SBI slashes monthly balance charges by 75 per cent