SBI Lowers Min. Balance Charges On Customers

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SBI Lowers Min. Balance Charges On Customers

India’s largest bank, State Bank Of India faced criticism after it began charging a hefty penalty for non-maintenance of Minimum Balance by SBI Customers. A penalty has been reduced from 20 to 50 percent in Metro, Urban, Semi-Urban, and Rural areas. Monthly Balance requirement in Banks Accounts in Metro & Urban Centres has reduced from 5,000 to 3,000. Effective from October 1, the bank said it has decided to treat the metro and urban centers in the same category. SBI informed Customers can always convert their regular Saving Bank Account to basic Savings Bank Deposits Account whichEffective from October 1.

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The bank said it has decided to treat the metro and urban centers in the same category. SBI informed Customers can always convert their regular Saving Bank Account to basic Savings Bank Deposits Account which isn’t chargeable.  SBI Managing Director (national banking group) Rajnish Kumar had stated that the bank would consider the comments from its customers in this matter and make an informed decision.

 

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