Economy

SBI reduces charges for non-maintenance of average minimum balance

SBI reduces charges for non-maintenance of 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. The changes will be effective from April 1. 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.

The charges for non-maintenance of AMB for clients in Metro and Urban centers have been diminished from a greatest of Rs 50 every month to Rs 15 every month.

SBI's current minimum balance for urban areas is Rs 3,000, while for semi-urban and rural areas it is Rs 2,000 and Rs 1,000, respectively.

SBI has also slashed charges for not-maintenance of Rs2,000 as ABM in bank accounts in semi-urban areas to Rs7.50-12 and Rs1,000 in accounts in rural area to Rs5-10. ‎The bank had faced a lot of flak after it came to light that it earned more from minimum balance penalties than its profits (which were contained because of bad loan provisions).

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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.

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

RBI guidelines mandate that charges for non-maintenance of minimum balance in savings bank accounts be "reasonable".

The bank excludes Jan Dhan accounts, basic savings bank deposits (BSBD) accounts, pensioners, beneficiaries of social benefits from the government and accounts of minors from the MAB requirement. Also, accounts holders under the age of 21 were exempted.


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