- This will be a huge benefit for some 5 crore SBI customers
- For non-mainteneance of monthly balance, charges have been reduced
- Basic savings deposits accounts were already exempt from this requirement
Here are five things that you must know about this move by SBI:
1.For non-maintenance of the minimum average balance in metro and urban centres, the charges have been revised downward ranging from 20 per cent to 50 per cent across all population groups and categories, the bank said in a release. The charges at semi-urban and rural centres range from Rs 20 to Rs 40 and at urban and metro centres from Rs 30 to Rs 50.
2. The revised minimum average balance requirement and charges will be applicable from October 2017, said an official release.
3. The bank also clarified that customers always have the option of converting the regular savings bank account to basic savings bank deposits accounts free of charge, in case he desires to avail the basic savings bank facilities without being subject to maintain a minimum average balance requirement.
5. The bank has 42 crore savings bank accounts out of which 13 crore accounts under the Pradhan Mantri Jan-Dhan Yojana and the basic savings bank deposits accounts were already exempt from this requirement.
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