Facing Backlash, SBI Cuts Minimum Balance Penalty Charges

13 March, 2018, 15:38 | Author: Wade Massey
  • SBI cuts charges for non-maintenance of minimum balance Know new rates

In April 2017, SBI had re-introduced the requirement for maintaining AMB and imposed penalties for non-maintenance after six years. "Bank also offers its customers to shift from regular savings bank account to BSBD account on which no charges are levied", Indian Express quoted PK Gupta, MD - Retail & Digital Banking, SBI, about the reduction of charges.

The bank today reduced the charges for non-maintenance of AMB in the metros and urban centres from a maximum of Rs 50 per month plus taxes at 18 percent to Rs 15 a month and taxes.

SBI has also slashed charges for not-maintenance of Rs2,000 as ABM in bank accounts in semi-urban areas to Rs7.50-12 and Rs1,000 in accounts in rural area to Rs5-10. Prior, metro and urban clients were charged Rs 40 to Rs 100 rupees for not keeping up the minimum balance.

In October 2017, SBI had cut service charges for those people who do not maintain their monthly average balance; they reduced the charges by a huge 20-50%. The move had invited widespread criticism. The revised charges will be effective from April 01, 2018. SBI earned Rs 1,771 crore in 8 months by charging people for non-maintenance of AMB, while their July-September quarter net profit was Rs 1,581.55 crore.

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Last month, Kumar had said savings accounts are a product in which it is expected that some money would be available and transactions will take place.

The bank has a deposit franchise having 41 crores savings bank accounts out of which 16 crore accounts under Pradhan Mantri Jan Dhan Yojana/BSBD and of pensioner/minors/social security benefit holders were already exempted. For instance, HDFC Bank Ltd has an AMB requirement of Rs10,000 for regular savings accounts in metro and urban centres, and Rs5,000 in semi-urban branches. Besides, it has unveiled a Rs 2.11 lakh crore recapitalisation plan. The amount was more than SBI's July-September quarter net profit of Rs 1,581.55 crore and almost half of the Rs 3,586 crore it earned as net profit April-September.

"We all, including myself, want a first class service, but want everything free.I also like it".

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