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SBI charges among lowest in banking sector, says MD P K Gupta

Various services offered by the bank, including ATM transaction and cash deposits, come at a cost, but the charges have been kept low in the larger interest of customers, he added

Press Trust of India  |  New Delhi 

SBI

of India (SBI) said that the charges for various services offered by the are among the lowest in the industry.

Various services offered by the bank, including transaction and cash deposits, come at a cost, but the charges have been kept low in the larger interest of customers, told

Asked about rationale for levying charges for non-maintenance of monthly average balance (MAB), he said the has invested heavily in technological upgradation of systems for providing safe and at any place in the country. Further, ATMs and cash points have been created across the country, thereby making huge investment for benefit and convenience of customers.

"With substantial investment in infrastructure and technology, it becomes imperative for the bank to recover at least a part of the cost. Considering the improvement in the quality of facilities and services extended to customers, the requirement of MAB in was re-introduced from April 2017," he added.

The looking after also pointed out that these charges were reduced twice - in October last year and subsequently in April this year.

"Our charges are on the lower side when compared with the other private sector banks," said.

Besides, he said 60 per cent of the total savings account holders, including no-frill accounts, student and minor are exempt from requirement of MAB.

Customers are given various like 5 free transaction and 2 cash withdrawal at branches, he noted.

To promote digital transaction, the bank has now made available to the customers several digital options to make payments seamlessly instead of using the ATMs.

"Our request to our customers is to use the digital channels as much as possible, since the operations are becoming costlier day by day," he said.

To promote digital transactions, he said, the bank in fact offers reward points to the customers.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, December 25 2018. 15:15 IST
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