New Delhi: Proving that the customer’s grievances don’t fall on deaf years, SBI in a move that would benefit over 25 crore customers, has cut their charges for non-maintenance of the average minimum balance (AMB) in the savings bank accounts. The country’s largest lender, cut the AMB charges by almost 75 pc.
In an official statement release by the bank here on Tuesday, March 13, it stated that the new rates would be applicable from April 1, 2018.
The non-maintenance rates have been slashed from a maximum of Rs 50 per month to Rs 15 for metro and urban areas, and from a maximum of Rs 40 per month to Rs 12 for semi-urban and rural areas.
An additional GST charge of Rs 10 will be applicable on the aforementioned rates.
In the statement, the bank has also clarified that the customer always has the option of converting their regular savings bank accounts to a basic savings bank deposits (BSBD).
These changed have been made following sharp criticism after the bank was reported to have earned an income of Rs 1,771 crores over a short span of 8 months, just from the non-maintenance of AMB charges.
The bank had previously revised the non-maintenance of AMB fees back in October of 2017 following feedback from various stakeholders, after they had reinstated the fees back in April, 2017 after a gap of six years.
The bank presently has a deposit franchise of 41 crore savings bank accounts out of which 16 crore accounts are under the Pradhan Mantri Jan Dhan Yojana/BSBD and of pensioner/minors/social security benefit holders.
Minimum account balance:
The minimum account balance (MAB) requirements for urban areas is Rs 3,000 while for semi-urban it is Rs 2,000 and 1,000 for rural areas.
Accounts exempt from the MAB requirement are Jan Dhan, basic savings bank deposits (BSBD), pensioners, beneficiaries of social benefits from the government and minors.
With inputs from IANS
