SBI reduces charges for non-maintenance of average minimum balance

SBI cuts charges for non-maintenance of minimum balance Know new rates

State Bank of India today reduced the penalty charges on non-maintenance of average monthly balance by up to 75 percent from April 1 as the measure had faced a public backlash for raking in huge profits by way of penal charges. These new rates will be effective from April 1. The decision comes in view of the feedback from the various users.

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%. Failing to do so a penalty of Rs 50 (urban), Rs 40 (semi-urban), Rs 30 (rural) was charged on the bank account holder.

The charges for non-maintenance of AMB for customers in Metro and Urban centres have been reduced from a maximum of Rs 50 per month to Rs 15 per month.

The move will benefit 25 crore customers of the bank.

Between April 2017 and November 2017, SBI had collected Rs1,771.67 crore from customers on account of non-maintenance of AMB, according to a response that the Ministry of Finance gave in Lok Sabha in February 2018 (read it here).

Max Boot: Trump snookered by both Koreas into meeting Kim
But the uncertainty still lingers over plans for the first-ever meeting of a serving US president and a North Korean leader. The US president recently accepted an invitation to meet the North Korean leader in the coming months.

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

At SBI, in metro and urban centres, a customer has to maintain a AMB of Rs 3000, while in semi-urban region the AMB stands at Rs 2000 and in rural centres a Rs 1000 AMB is needed. These charges are between Rs20 and Rs40 in semi-urban and rural branches.

Of the 41 crore savings accounts with SBI, 16 crore accounts under PMJDY / BSBD and of pensioner/minors/social security benefit holders were already exempted from the feature.

Gupta said, "Bank also offers its customers to shift from regular savings bank account to BSBD account on which no charges are levied".

Last month, Kumar had said savings accounts are a product in which it is expected that some money would be available and transactions will take place. In addition, students upto the age of 21 years are also exempted, it said in the release. My outgo on the ATM card itself is Rs 1,500 crore annually.

Related news:

Hot News

isis-killer-beheading-video-story-top Dick's Sporting Goods Inc (NASDAQ:DKS) To Release Earnings
Mar 13, 2018 - 15:36
The shares of the company (DKS) staged the smart recovery as has roared back some 33.67% after stumbling to its new 52-weeks low. It worsened, as 83 investors sold DKS shares while 103 reduced holdings. 48 funds opened positions while 104 raised stakes.

isis-killer-beheading-video-story-top Slovakian skier wins first gold as Paralympics get under way
Mar 13, 2018 - 14:48
They will compete as individuals because Russian Federation is banned from the Games, due to a doping scandal. There are a record 80 gold medals up for grab, South Korean News Agency (Yonhap) reported.

isis-killer-beheading-video-story-top United Kingdom : 2 in hospital after suspicious package at MP office
Mar 13, 2018 - 14:28
Yesterday two people were taken to hospital after a suspicious package was sent to the office of Labour MP Mohammad Yasin. Two were sent to Portcullis House and Norman Shaw Buildings on Monday, both of which were later deemed non-harmful.

isis-killer-beheading-video-story-top United Kingdom growth to be slowest in G20 this year, says OECD
Mar 13, 2018 - 14:14
That was higher from a November forecast of 1.2 percent due to the broader global improvement. National Treasury now anticipates growth of 1.5% in 2018, rising to 2.1% in 2020.

isis-killer-beheading-video-story-top LG V30 Android Oreo Update Rolls Out for Verizon Users
Mar 13, 2018 - 14:04
The Xperia R1 offers 2GB of RAM and 16GB of internal storage, while the R1 Plus offers 3GB of RAM and 32GB of internal storage. The company has announced the Android Oreo update for Xperia R1 and Xperia R1 Plus on its official Twitter handle.

isis-killer-beheading-video-story-top Craig Mack Dead: Bad Boy Records Rapper Dies, Aged 46
Mar 13, 2018 - 13:57
It was something I wanted people to enjoy, but it was cut short because he was very religious and wanted to go to church'. His second album Operation: Get Down failed to live up to the same success and peaked at number 46 in 1997.

isis-killer-beheading-video-story-top Missouri forward Jordan Barnett arrested for DWI
Mar 13, 2018 - 13:54
The University of Missouri student athlete handbook states a driving while intoxicated charge mandates a week minimum suspension. Jordan Barnett is suspended for the Tigers opening round NCAA Tournament game on Friday. "I don't know about that".

isis-killer-beheading-video-story-top Roque hits United Nations human rights chief's 'crude language'
Mar 13, 2018 - 13:32
Zeid said Duterte's attacks against UN special rapporteurs can not go unanswered and the UN Human Rights Council must take a position.

isis-killer-beheading-video-story-top TCS shares fall over 5%; m-cap dips by Rs 30513 cr
Mar 13, 2018 - 13:30
Post the share sale, Tata Sons' holding in Tata Consultancy Services (TCS) has come down to around 72 percent from 73.52 percent. Tata Sons will use the proceeds to pay creditors of its wireless division, a person with knowledge of the matter said Monday.

isis-killer-beheading-video-story-top Manchester United vs Sevilla Live Score Stream Commentary in Champions League 2018
Mar 13, 2018 - 13:22
Frenchman Lenglet told Spanish broadcaster COPE Sevilla: "I believe we are ready for United". "We are a strong team once we take the lead".

isis-killer-beheading-video-story-top CM Punk I'm Fighting at UFC 225 ... & I'm Gonna Win!
Mar 13, 2018 - 12:52
Former WWE star CM Punk (real name Phil Brooks) had been expected to get back in the octagon sometime this year. The fan favorite could be enough to draw a lot of viewers to the upcoming pay-per-view, however.

isis-killer-beheading-video-story-top Harrison Ford honors Carrie Fisher at Mark Hamill's Walk of Fame induction
Mar 13, 2018 - 12:52
Star Wars' biggest star Mark Hamill has been appointed as the very first International Guest of Honour for the 2018 Festival. We in Tourism Ireland are extremely grateful to Mark for his wonderful comments about the Wild Atlantic Way and Ireland.

isis-killer-beheading-video-story-top Storm brushes area with a little snow overnight into Tuesday
Mar 13, 2018 - 12:38
The heaviest precipitation from the second system will likely occur on Thursday , with showers becoming more scattered on Friday . We took a step in the spring direction this past weekend as we sprung ahead our clocks back to daylight saving time.

isis-killer-beheading-video-story-top Palestinians slam U.S. announcement to hold conference on Gaza crisis
Mar 13, 2018 - 12:35
Palestinian intelligence chief Majid Faraj was part of the convoy but was not hurt either, the security source said. He said that despite the attack he remained committed to Palestinian unity and would continue to come to Gaza.

isis-killer-beheading-video-story-top Marcus Smart out indefinitely after tearing tendon in thumb
Mar 13, 2018 - 12:29
In his 36 minutes on Sunday night, Smart scored a team-high 20 points to go with eight assists, seven rebounds and four steals. Smart is in integral part of Boston's overall success and his absence is another big blow to the Celtics bench.