You are here: Home » PTI Stories » National » News
Business Standard

SBI reduces charges on non-maintenance of minimum balance

Press Trust of India  |  Mumbai 

The State of India today reduced its charges on non-maintenance of an average monthly balance (AMB) in savings account by up to 75 per cent, effective April 1.

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 plus goods and services tax (GST), to Rs 15 per month plus GST. The above revision will benefit 25 crore customers.

For semi-urban and rural centres, the charges have been reduced from Rs 40 per month plus GST to Rs 12 and Rs 10 per month plus GST, respectively, the said in a release.

"We have reduced these charges taking into account the feedback and sentiments of our customers," SBI's (and digital banking) P K Gupta said.

"The has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customers' expectations," he said.

The SBI also offers its customers to shift from a regular savings account to basic savings deposit account (BSBD) on which no charges are levied.

A customer always has the option of converting the regular savings account to BSBD account free of charge, in case he desires to avail basic savings facilities without being subject to maintenance of AMB, Gupta said.

The lender has 41 crore savings accounts, out of which 16 crore accounts under the Pradhan Mantri Jan Dhan Yojna/ BSBD, and of pensioners/ minors/ social security benefit holders are already exempted from charges on non- maintenance of minimum balance.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 13 2018. 11:40 IST
RECOMMENDED FOR YOU