State Bank of India reduces charges for non-maintenance of minimum balance from 1 April
State Bank of India (SBI) on Tuesday substantially reduced charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts.
Mumbai: State Bank of India (SBI) on Tuesday substantially reduced charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts. The revised charges will be effective from 1 April, 2018. The decision was taken keeping in view the feedback from various stakeholders.
The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus GST to Rs 15 per month plus GST.
| Metro & Urban (AMB Rs. 3000/-) | Existing Charges p.m. | Proposed Charges p.m. |
| Shortfall < = 50% | Rs. 30/- +GST | Rs. 10/- +GST |
| Shortfall > 50 – 75% | Rs. 40/- +GST | Rs. 12/- +GST |
| Shortfall > 75% | Rs. 50/- +GST | Rs. 15/- +GST |
| Semi-Urban (AMB Rs. 2000/-) | ||
| Shortfall < = 50% | Rs. 20/- +GST | Rs 7.50 +GST |
| Shortfall > 50 – 75% | Rs. 30/- +GST | Rs 10.00 +GST |
| Shortfall > 75% | Rs. 40/- +GST | Rs.12.00+GST |
| Rural (AMB Rs. 1,000/-) | ||
| Shortfall < = 50% | Rs. 20/- +GST | Rs 5.00 +GST |
| Shortfall > 50 – 75% | Rs. 30/- +GST | Rs. 7.50 +GST |
| Shortfall > 75% | Rs. 40/- +GST | Rs 10.00 +GST |
Similarly 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 respectively.
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On the reduction of charges, PK Gupta, MD, Retail and Digital Banking, SBI said, “We have reduced these charges taking into account the feedback and sentiments of our customers. ”
The revision in AMB will benefit 25 crore customers.
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