SBI reduces minimum balance charges to Rs 15


The revised charges would be effective from April 1, 2018.

India's largest lender bank State Bank of India reduced its charges on non-maintenance of Average Monthly Balance (AMB) in savings accounts by almost 75 percent.

SBI has reviewed its minimum balance requirement following a finance ministry report which showed that SBI collected Rs 1,771 crore during April-November 2017 as a penalty from customers for non-maintenance of monthly average balance in savings accounts.

State Bank of India Reduced Minimum Balance Charges from Rs 50 To Rs 15
SBI slashes penalty for non-maintenance of minimum balance by up to 75%

The bank said in a release that customers in metro and urban centres will now have to pay Rs 15 per month plus GST. Failing to do so a penalty of Rs 50 (urban), Rs 40 (semi-urban), Rs 30 (rural) was charged on the bank account holder.

RBI guidelines mandate that charges for non-maintenance of minimum balance in savings bank accounts be "reasonable".

For urban and metro customers average monthly balance is of Rs 3,000 per month.

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On reduction of charges, P K Gupta, MD - Retail & Digital Banking, SBI said, "We have reduced these charges taking into account the feedbacks and sentiments of our customers".

If you are not an SBI customer, you will have to continue to be vigilant about the average balance in your bank account - unless it is a zero balance account, like a salary account and the financial inclusion accounts. The move had invited widespread criticism.

In this case, the SBI Bank has replaced the penalty again. The first thing to understand is the importance of the word "average".

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For instance, the basic formula for calculating MAB is dividing the sum total of all end-of-day (EOD) closing balances in your bank account by the number of days in that month, including holidays. The rate of interest is same as savings bank account.

Shifting to BSBD account is even more convenient and flexible, because there is no charges levied by SBI on them. This amount was more than SBI's net profit for the July-September quarter. Of these, 16 crore accounts are under the Pradhan Mantri Jan Dhan Yojna, BSBD, pensioners and minors, which are all exempt from the penalty for not maintaining the minimum balance.

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