Monday, 23 April, 2018


De-jargoned: The penalty for not maintaining average monthly balance

SBI cuts charges for non-maintenance of minimum balance Know new rates SBI cuts charges for non-maintenance of minimum balance Know new rates Reuters file
Bennie Garza | 13 March, 2018, 15:50

In 2017 October, SBI had slashed the service charges on not keeping up the monthly normal balance by an incredible 20-half.

Mumbai: The State Bank of India on Tuesday reduced its charges on non-maintenance of an average monthly balance (AMB) in savings account by up to 75 per cent, effective April 1.

Between April and November 2017, the bank netted a windfall of Rs 1,771.67 crore, more than its second-quarter profit, from customers for non-maintenance of minimum balance, according to the finance ministry data.

The charges for non-maintenance of AMB for clients in Metro and Urban centers have been diminished from a greatest of Rs 50 every month to Rs 15 every month.

Going ahead, customers in semi-urban and rural centres have seen reduction in charges from Rs 40 per month plus GST to Rs 12 per month and Rs 10 per month plus GST respectively.

"We have reduced these charges taking into account the feedback and sentiments of our customers", said PK Gupta, SBI's managing director of retail and digital banking. The AMB for accounts from metro areas was set at Rs5,000 and those from urban areas at Rs3,000. The Jan Dhan Yojana accounts and Basic Savings Bank Deposit Accounts, also called no-frills accounts, are exempt from minimum balance requirements.

In October a year ago, SBI had slashed service charges on not maintaining monthly average balance by a whopping 20-50%. The revised charges will be viable from April 01, 2018 and will profit more than 25 crore clients.

The aforementioned revision in AMB is expected to benefit 25 crore customers.

The move will eat into the fee income of the bank, which had reported the first quarterly loss in 20 years, as it had to make huge provisions for bad loans. Currently, the charges are in the range of Rs20-40.

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

However, it needs to be noted that, the customer can not have any other Savings Bank Account, if he/she has a BSBD Account.

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