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13 March 2018, 10:38 | Joann Bryant
SBI cuts charges for non-maintenance of minimum balance Know new rates Reuters file
The new charges are applicable from 1 April.
The bank also clarified that customers always have the option of converting the regular savings bank account to Basic Savings Bank Account (BSBD account), free of charge, in case they desire to avail basic savings bank facilities without being subject to maintenance of AMB.
SBI collected Rs1,771.67 crore from customers on account of non-maintenance of AMB between April and November 2017, according to the finance ministry's answer in Lok Sabha on 29 December.
Currently, the customers of their metro and urban centres are liable to pay a maximum monthly penalty of Rs 50 plus GST, for a failure to maintain the AMB. Likewise, for semi-urban and rural centres, the charges have been slashed from Rs 40 a month plus GST to Rs 12 and Rs 10 plus GST charges, respectively. The decision will benefit over 25 crore customers. Neither can we! Unfortunately, all that swiping makes it easy to breach the minimum average balance requirement that some bank accounts insist on.
The features of BSBD accounts are available on the bank's website bank.sbi. The move had invited widespread criticism.
The SBI offers an interest rate of 3.5 per cent on saving bank deposits of up to Rs 1 crore and 4 per cent on deposits of over Rs 1 crore. Correspondingly for Semi-Urban and Rural focuses, the charges have been decreased from Rs 40 consistently to Rs 12 and Rs 10 GST charges will be material well beyond the rates indicated previously. The public sector lender faced widespread flak for its minimum account balance charges, which were seen as hitting mostly financially weaker account holders.
The penalty for non-maintenance of MAB is calculated on a staggered basis - depending on the shortfall - so be sure to go through your bank's website for the relevant details. This was more than its September quarter profit of Rs 1,581.55 crore. Of these, 16 crore accounts are under the Pradhan Mantri Jan Dhan Yojna, BSBD, pensioners and minors, which are all exempt from the penalty for not maintaining the minimum balance.
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