SBI reduces charges on non-maintenance of minimum balance
The State Bank of India on Tuesday reduced its charges on non-maintenance of an average monthly balance (AMB) in a savings account by up to 75%, effective 1 April. The charges for non-maintenance of AMB for customers in metro and urban centers have been reduced from a maximum of Rs. 50 per month plus GST to Rs. 15 per month plus GST. Here's more.
Charge revision to benefit 25 crore bank customers
The revision of the AMB non-maintenance charges will benefit 25 crore SBI customers. For semi-urban and rural centers, the charges have been reduced from Rs. 40 per month plus GST to Rs. 12 and Rs. 10 per month plus GST, the bank said. "We have reduced these charges taking into account the feedback and sentiments of our customers," SBI's Managing Director PK Gupta said.
SBI focuses on keeping the interests of its customers first
PK Gupta said, "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." The SBI also offers its customers to shift from a regular savings bank account to basic savings bank deposit account (BSBD) on which no charges are levied, he added.
Customers can convert their regular savings accounts to BSBD
Customers can always convert the regular savings bank account to BSBD account free of charge, in case they desire to avail basic savings bank facilities without maintaining AMB, Gupta said. The lender has 41 crore savings bank accounts, of which 16 crore accounts under Pradhan Mantri Jan Dhan Yojna/BSBD and those of pensioners/minors/social security benefit holders are exempted from such charges.
