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.

FP Staff March 13, 2018 11:42:09 IST
State Bank of India reduces charges for non-maintenance of minimum balance from 1 April

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.

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.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman
Business

GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman

The attorney general has said that there is no obligation on the Central government to pay the GST compensation shortfall to the states.

GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June
Business

GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June

However, July collections are higher than Rs 62,009 crore in May and Rs 32,294 crore in April.