SBI slashes charges for non-maintenance of minimum balance by up to 75%

WION Web Team
Delhi, India Published: Mar 13, 2018, 08:01 AM(IST)

File photo. Photograph:( Reuters )

The State Bank of India has reduced charges on non-maintenance of an average monthly balance (AMB) in 'savings' account. The charges have been slashed by up to 75 per cent; the move will be effective by April 1.

According to reports, a user living in metro cities and urban centres will now be charged with Rs 15 per month, plus GST, for non-maintenance of average monthly balance. Earlier the charge for the same was Rs 50 per month plus GST.

For semi-urban and rural centres, the charges have been reduced from Rs 40 per month plus GST to Rs 12 and Rs 10 per month plus GST.

The revision is likely to benefit close to 25 crore bank customers, SBI noted in a release.

"We have reduced these charges taking into account the feedback and sentiments of our customers," PK Gupta, SBI's managing director for retail and digital banking noted.

"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," he said.

SBI customers can also shift from a regular savings bank account to basic savings bank deposit account (BSBD) with zero charges.

(With inputs from PTI) 

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