SBI minimum account balance penalty relaxed: All you need to know

SBI minimum account balance penalty relaxed: All you need to know

SBI cuts down charges on minimum balance maintenance.

Between April 1 and November 2017, SBI had collected Rs 1,771 crore as penalty from customers who had failed to maintain the average monthly balance in their accounts.

It requires savings accounts to maintain a minimum average monthly balance of Rs 3,000 in metropolitan areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas.

In rural areas, the revised charges from April 1 will be Rs 10, Rs 12 and Rs 15, instead of Rs 30, Rs 40 and Rs 50. Prior, metro and urban clients were charged Rs 40 to Rs 100 rupees for not keeping up the minimum balance. "The bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customers' expectations", SBI managing director (retail and digital banking) P.K. Gupta said.

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The country's largest bank has 41 crore savings bank accounts. The move had invited widespread criticism. Other government banks that were already collecting amounts in excess of Rs 50 crore as penalty from customers for falling below their minimum average balance requirements included Punjab National Bank, Canara Bank and IDBI Bank.

In this case, the SBI Bank has replaced the penalty again.

Confused about how the monthly/quarterly minimum average balance is calculated? Charges of minimizing balance are calculated according to the amount kept in the account.

So his MAB would be (Rs 70,000+Rs 42,000) divided by 28, i.e. Rs 4,000.

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Of that, 16 crore are under the Pradhan Mantri Jan Dhan Yojana/basic savings bank deposit (BSBD) and of pensioner, minors, social security benefit holders which are all exempted from the penalty for not maintaining of the minimum balance.

SBI reported a net loss of Rs 2,416 crore for the December quarter as it had to make provisions for rising bad loans.

Shifting to BSBD account is even more convenient and flexible, because there is no charges levied by SBI on them. The bank clarified that customers always had the option of converting the regular savings bank accounts to basic savings bank account (BSBD account) to avoid incurring charges for non-maintenance of account balance.

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