In a recent move, State Bank of India (SBI) reduced the monthly average balance (MAB) requirement for metro cities – from Rs. 5,000 to Rs. 3,000 – and cut charges for non-maintenance of minimum balance by up to 50 per cent.
SBI or State Bank of India has recently announced some new customer-friendly measures. In a recent move, SBI has completely waived off account closure charges for some accounts. In a post on microblogging site Twitter, SBI said that charges for closure of regular savings account on conversion to basic savings bank account, which earlier used to be Rs. 500 plus GST of 18 per cent, will be nil from October 1, 2017. Similarly, savings accounts closed on settlement of deceased depositors will also be exempt from charges with effect from October 1. SBI had levied a charge of Rs. 500 plus GST earlier.Read more ↓
Currently, if you close a savings account in SBI after one year of opening it, it attracts a charge of Rs. 500 plus GST. But, from October 1, there will be nil charges for this service, SBI said in a Twitter post.
SBI minimum account balance rules
In a recent move, SBI also reduced the monthly average balance (MAB) requirement for metro cities – from Rs. 5,000 to Rs. 3,000 – and slashed charges for non-maintenance of minimum balance by up to 50 per cent. SBI further said that savings accounts of pensioners, beneficiaries of social benefits from the government and the accounts of minors will be exempt from maintaining monthly average balance
Earlier, the charges for non-maintenance of minimum account balance in metro accounts used to range from Rs. 50 to Rs. 100 plus GST of 18 per cent. Now, these charges stand reduced to Rs. 30-Rs. 50.
For urban branch accounts also SBI has cut the charges for non-maintenance of monthly average balance to Rs. 30-Rs. 50, from Rs. 40-Rs. 80 earlier. SBI has also reduced charges for non-maintenance of minimum balance in semi-urban and rural accounts to Rs. 20-Rs. 40. Earlier, SBI charged between Rs. 25 and Rs. 75 for semi-urban account and Rs. 20-Rs. 50 for rural accounts.
The monthly average balance requirement for other three categories of accounts – urban, semi-urban and rural branches – stands unchanged at Rs. 3,000, Rs. 2,000 and Rs. 1,000 respectively, according to SBI.
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