SBI Cuts Minimum Balance Penalty By 70 Percent

State Bank of India (SBI) came into the limelight when it increased the minimum balance maintenance in the savings account. Unbeknownst to many, may underprivileged and students were in for a surprise thereafter when SBI imposed fines on people for not maintaining it. Now, there is some respite for the holders as the balance penalty has been reduced by 70 percent!

sbi_660_071317032938

 

This move will benefit 2.5 million Indians who have their accounts in the largest PSB of India. The revised charges will be applicable from 1st April, 2018. The following are the reduction charges details as per location:

Urban: From Rs.50+GST to Rs.15+GST

Semi-Urban: From Rs.40+GST to Rs.12+GST

Rural: From Rs.40+GST to Rs.10+GST

“We have reduced these charges taking into account the feedback and sentiments of our customers. SBI also offers its customers options to shift from regular savings bank account to basic savings account on which no charges are levied.”

There are a total of 4.1 million SBI accounts, of which 1.6 million are Jan Dhan Yojana or Basic Savings Account which do not require any minimum balance to be maintained. Apart from them, pensioner, minors, social security benefit holders, students uptil 21 years accounts are already exempted.

Tagged with:     , , ,

About the author /


He eats Internet for breakfast, Sarcasm for lunch and Gratitude for Dinner. He is currently working on building a Time-Machine, and this can be seen in his love for writing on the nostalgic things that have happened, the trending news that goes on and the amazing possibilities that are yet to happen.

Latest Post

Random Articles

Latest Story

PMJDY
Seven Government Schemes That Could Change Your Financial And Social Status
Posted in: Just In

The government of India has introduced various schemes to help Indian citizens improve their financial situations. Besides improving the financial condition of the citizens these schemes have been designed to contribute to the country’s growing economy as well. But not many are aware of these schemes and their benefits. So, here are the seven schemes […]

Read More