Non-Maintenaning Balance in SBI Account of 75% Would Slash Penalty

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State Bank of India (SBI)
State Bank of India (SBI)

The State Bank of India announced on Tuesday on the reduction of its charges for average monthly balance non-maintenance customers (AMB non-maintenance balance) in the savings account was boosted up to 75%. This will come into effect from April 1.

Revised AMB Non-Maintenance Balance

The AMB non-maintenance charges for customers in urban and metro cities reduced. It was from Rs.50/month + GST to Rs.15/month + GST. However, this new revision is beneficial to 25 bank customers.

Moreover, for rural and semi-urban, AMB non-maintenance charges reduced from Rs.40/month + GST to Rs.12 and Rs.10 + GST.

“We have reduced these charges taking into account the feedback and sentiments of our customers,” SBI’s managing director (retail and digital banking) PK Gupta said. “The bank has always focused on keeping the interests of its customers first. This is one of our many efforts towards fulfilling customers’ expectations,” he said.

SBI, indeed, offers a shift from a savings bank account of a regular type to basic savings bank deposit account (BSBD) with no charges. SBI has 41 crore savings accounts. Out of 41, 16 crore accounts will come under Pradhan Mantri Jan Dhan Yojna/ BSBD. And of pensioners/ minors/ social security benefit holders. Further, these customers already exempted on minimum balance non-maintenance.