SBI revises minimal balance, other charges; 5 crore customers to benefit

SBI revises minimal balance, other charges; 5 crore customers to benefit”

State Bank of India (SBI) on Monday said it has lowered minimum balance requirement for savings account in metro cities to Rs 3,000 from the current Rs 5,000. The above revision will benefit 5 crore account holders.

"For non-maintenance of MAB, the charges have also been revised downwards ranging from 20-50 per cent across all population groups and categories", the bank said.

Apart from Jan Dhan or PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD), SBI has now made a decision to exempt the pensioners, beneficiaries of social benefits from the government and accounts of minors. The revised MAB requirement and charges will become applicable from October, the bank said in a statement. For urban and semi-urban branches, it was fixed at Rs 3,000 and Rs 2,000, respectively, and for rural branches it was Rs 1,000.

India's largest bank SBI has clarified that charges for non-maintenance of monthly average balance does not apply to all its bank accounts. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST. These accounts were the BSBD accounts, which every bank is expected to offer to the underprivileged.

It also revised downwards penalties for not maintaining such a balance.

In case of non-maintenance of MAB, the charges at semi-urban and rural locations have been revised to Rs 20-40. Accounts like the PMJDY (Prime Minister's Jan Dhan Yojna) accounts and Basic Savings Bank Deposits Accounts (BSBD) are already excluded from the MAB requirement.

Rajnish Kumar, SBI Managing Director (national banking group), had stated that the bank would consider the comments from its customers in this matter and take an informed decision.

Earlier this year while slapping charges, SBI said failure to maintain monthly average balance in accounts will attract penalty of up to Rs100 plus goods and services tax (GST).

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