This Article is From Apr 02, 2018

SBI To Now Charge This Much For Non-Maintenance Of Minimum Balance

After a gap of five years, in April 2017, SBI had re-introduced the penal charges on non-maintenance of average monthly balance.

SBI To Now Charge This Much For Non-Maintenance Of Minimum Balance

The revision in AMB will benefit 25 crore customers, SBI said.

State Bank of India (SBI) reduced its penalties for non-maintenance of average monthly balance (AMB) on savings accounts by up to 75 per cent from April 1. According to country's largest lender, the charges for non-maintenance of AMB for customers in metro and urban centres abridged from a maximum of Rs 50 per month plus goods and services tax (GST), to Rs 15 per month plus GST from April 1, SBI said recently in a press release.

Here's all you need to know about SBI's new revision on AMB

  1. For urban and metro customers, AMB stands at Rs 3,000 per month. The average monthly balance requirement for semi-urban area is Rs 2,000, while for rural centres it is Rs 1,000.

  2. For semi-urban and rural centres, the charges are reduced from Rs 40 per month plus GST to Rs 12 per month and Rs 10 per month plus GST respectively from April 1, said SBI in the release. 

  3. The revision in AMB will benefit 25 crore customers, SBI said.

  4. After a gap of five years, in April 2017, SBI had re-introduced the penal charges on non-maintenance of average monthly balance. Later in October, it had revised down the charges to some extent.

  5. SBI currently has 41 crore savings bank accounts out of which 16 crore accounts are either under Pradhan Mantri Jan Dhan Yojana or are basic savings bank accounts. Both these accounts do not have minimum balance requirements. 

  6. SBI also clarified that the customers have the option of converting the regular savings bank account to basic savings bank account, free of charge, in case he/she desires to avail basic savings bank facilities without being subject to maintenance of AMB.



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