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SBI reduces the charges for maintaining average minimum balance


ANIMESH SRIVASTAVA 13/03/2018 15:24:49
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SBI reduces the charges for maintaining average minimum balance-Newstimes News

New Delhi, Mar 13: State Bank of India on Monday slashed the charges for maintaining the average minimum balance in the savings account by 70% which will benefit the 25 crore account holders of the bank.

For urban and metro centres, the charges have been reduced to Rs. 15 per month plus GST from a maximum of Rs. 50 per month plus GST.

For Semi-Urban and Rural centres, the charges have been reduced to Rs. 12 per month and Rs. 10 per month plus GST respectively from a maximum of Rs. 40 per month.

After the details of the earning incurred by the bank from minimum balance penalties were released, the policy was criticised heavily because the bank earned more from the penalties than its profits.

Some account holders also lost their balances because of the wrongful classification of accounts.

There are 41 crore savings account in State Bank of India.

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