Sep 23, 2017

SBI Minimum Balance Charges for Saving Account - Rural, Semi-Urban & Urban Area

SBI Minimum Balance Charges for Saving Account
Check complete details SBI Minimum Balance Charges for Saving Account in Rural, Semi-Urban & Urban Area. Public sector Indian State Bank (SBI) is analyzing the deductible for not keeping SBI Minimum Balance Charges for Saving Account. It was informed by the country's leading bank that SBI would review Min Balance Fine for not charging the monthly average amount in accounts after the reactions received by the customers.

There is a lot of anger in the consumers if the minimum balance is not kept on the deduction. Only after SBI, other public sector banks have also applied the term balance.  Rajneesh Kumar, MD (National Banking Group) of bank said, "We have received customer feedback in this regard. Bank will take any reasonable decision keeping in mind these views. We are considering at the internal level whether the fees should be changed for certain categories like senior citizens or students.

 SBI Reviewing Minimum Balance Fine
·         SBI had applied the fee again after five years for not having kept minimum balance in April this year. Under this, there was a condition of charging up to 100 rupees and charging up to 18 percent GST if the monthly average minimum balance was not maintained in the account.
·         Minimum balance in urban areas was fixed at Rs 5,000. GST, with 50 rupees charge, is reduced to 50% of its cost. This balance is being reduced by 75 percent and 100 percent GSAT and 18 percent GSAT is being recovered.
·         Minimum balance for rural areas is fixed at Rs.1000. It does not keep it from 20 to 50 bucks and GST is coming together.

MD (National Banking Group) Views:
·         Rajneesh said that the bank has over 40 crore savings accounts (savings account). Out of these, 13 crore accounts are under Basic Savings Deposit or Pradhan Mantri Jan Dhan Yojana.
·         Both these types of accounts are excluded from the minimum balance. Of the remaining 27 crore account holders, 15 to 20 percent of the people do not have the minimum monthly average amount.
·         Bank has recovered Rs. 235 crores as the minimum balance charge of May.

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