SBI minimum account balance penalty relaxed: All you need to know

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SBI minimum account balance penalty relaxed: All you need to know
SBI minimum account balance penalty relaxed: All you need to know

New Delhi : The State Bank of India in its latest order relaxed penalty over maintenance of minimum balance of an account. The new rates will come to effect from April 1, 2018. The decision comes in view of the feedback from the various users.

According to the last notification issued by the bank, account holder in urban, semi-urban and rural places had to maintain a minimum balance of Rs 3000, Rs 2000 and Rs 1000 respectively. Failing to do so a penalty of Rs 50 (urban), Rs 40 (semi-urban), Rs 30 (rural) was charged on the bank account holder.

Now, as per new notification, penalty of failing to maintain the average monthly balance has been reduced to Rs 15 (urban), Rs 12 (semi-urban) and Rs 10 (rural) plus GST.

Following are the new rates which will come to effect from April 1:



“We have reduced these charges taking into account the feedbacks and sentiments of our customers. Bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer expectations. Bank also offers its customers to shift from regular savings bank account to BSBD account on which no charges are levied,” Indian Express quoted PK Gupta, MD – Retail & Digital Banking, SBI, about the reduction of charges.

Nearly, 25 crore bank customers will be getting the benefit of this order.