SBI slashes monthly balance charges by 75 per cent

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The country's largest lender's penalty on customers for non-maintaining minimum balance is much less than its private sector peers, though.

Now, The charges for non-maintenance of AMB customers in Metro cities (Mumbai, Delhi, Kolkata) and Urban centres have been reduced from 50Rs per month to 15Rs per month.

In semi-urban areas, the three penalties will be Rs 7.50 instead of Rs 20, Rs 10 instead of Rs 30 and Rs 12 instead of Rs 40.

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

At SBI, in metro and urban centres, a customer has to maintain a AMB of Rs 3000, while in semi-urban region the AMB stands at Rs 2000 and in rural centres a Rs 1000 AMB is needed.

The SBI also offers its customers to shift from a regular savings bank account to basic savings bank deposit account (BSBD) on which no charges are levied.

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In October previous year, SBI had slashed service charges on not maintaining monthly average balance by a whopping 20-50%. The move had invited widespread criticism. These revised charges will be effective in India from 1st April 2018.

Public sector banks (PSBs) are reeling under bad loans. Besides pensioner/minors/social security benefit holders accounts were already exempted.

"Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations".

He said there are more than 14 crore BSBD accounts, where the bank don't charge anything and the It also handles 40 percent of the financial inclusion accounts. 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.

The features of BSBD accounts are available on the bank's website bank.sbi. 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.

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