Business News
SBI Latest Changes: Charges For Insufficient Balance, Closure Of 41 Lakh Savings Bank Accounts
During the current financial year, 2.10 crore savings bank accounts were opened, of which 1.10 crore accounts are Pradhan Mantri Jan-Dhan Yojana accounts, which are exempt from average monthly balance requirement, SBI said.
SBI reduced the charges for non-maintenance of average monthly balance (AMB) for customers in metro and urban centres from a maximum of Rs. 50 per month plus GST to Rs.15 per month plus GST.
SBI reduced the charges for non-maintenance of average minimum balance by up to 75 per cent, effective from April 01, 2018. The above revision in AMB will benefit 25 crore customers, SBI said.
SBI savings accounts closed
Incidentally, an RTI query revealed that SBI has closed as many as 41.16 lakh savings bank accounts between April-January FY18 for not maintaining the average monthly balance.
SBI, on Thursday, however issued a contrary statement as it revealed that the savings bank accounts were not closed suo-motu.
During the current financial year, 2.10 crore savings bank accounts were opened, of which 1.10 crore accounts are Pradhan Mantri Jan-Dhan Yojana accounts, which are exempt from average monthly balance requirement, SBI further clarified.
On account of the merger of SBI’s associate banks with SBI in April 2017, where the customers were having multiple accounts with different associate banks and SBI, the number of accounts closed during the year is relatively high.
Customers who are not able to maintain AMB can get their regular savings bank accounts converted to basic savings bank deposit account (BSBD) accounts for free, SBI said.