SBI Reduced Charges For Not Maintaining Average Monthly Balance In Savings Accounts
State Bank of India (SBI) today announced approx. 75% reduction in charges levied on savings bank account holders for not maintaining the average monthly balance (AMB) applicable from 1 April.
Customers in metro and urban areas are charged INR 30 to 50 for not maintaining INR 3000/- monthly which have been brought down to INR 10 to 15.
In the same way, customers in semi-urban and rural areas are charged INR 20 to 40 for not maintaining INR 2000/ and INR 1000/ per month which have also been brought down to INR 7.5 to 12 and INR 5 to 10 respectively.
Applicable goods and service tax (GST) is also added to the charges.
The upper limit of charges is levied depending on the shortfall, i.e. if the shortfall is greater than 75% for metro & urban customers then charges applicable would be Rs.15 as compared to Rs.50 earlier.
P.K. Gupta, managing director, retail and digital banking at SBI, said the bank has reduced the charges on the basis of customer feedback.
There are some exempted categories where these charges are not applicable such as accounts coming under Pradhan Mantri Jan Dhan Yojana, basic savings bank deposit account, and accounts of pensioners and minors, among others.
This step of SBI would bring at least little smile to the semi urban and rural India.
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