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!

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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.

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