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TOG NEWS

SBI slashes charges for not keeping minimum balance
By TOG News Service
Mar 13, 2018

TOG News Service, NEW DELHI, MAR 13, 2018: THE State Bank of India (SBI), the leading national bank of the country, today reduced the charges it levies for not maintaining an average monthly balance in savings accounts. Such charges were reduced by about 75%, to be effective from April 1, 2018. The charges for customers in metro and urban centres were reduced from a maximum of Rs 50 per month plus goods and services tax (GST), to Rs 15 per month plus GST. Such revision would benefit 25 crore bank customers. For semi-urban and rural centres, the charges were reduced from Rs 40 per month plus GST to Rs 12 and Rs 10 per month plus GST, respectively.

The Managing Director (Retail & Digital Banking) of the SBI, Mr PK Gupta, stated that the bank stated that such charges had been reduced after considering feedback recorded from customers. He re-affirmed the commitment of the bank to accord utmost priority to the interests of its customers. Thus, he stated that such measure was the first step towards fulfilling customer's expectations.

Moreover, the SBI also offers its customers to shift from a regular savings bank account to basic savings bank deposit account (BSBD) on which no charges are levied. In this regard, Mr Gupta added that a customer always has the option of converting the regular savings bank account to BSBD account free of charge, in case he desires to avail basic savings bank facilities without being subject to maintenance of AMB. Besides, SBI has 41 crore savings bank accounts, out of which 16 crore accounts under the Pradhan Mantri Jan Dhan Yojna, BSBD, and of pensioners, minors & social security benefit holders, which are already exempted from charges on non-maintenance of minimum balance.