If you have been upset about the charges imposed by public-sector banks for various reasons including non-maintenance of minimum balance, there is some relief.
The State Bank of India has reduced charges for non-maintenance of Average Monthly Balance (AVB) from Rs 50 to Rs 15.
SBI collected Rs1,771.67 crore from customers on account of non-maintenance of AMB between April and November 2017, according to the finance ministry's answer in Lok Sabha on 29 December. It requires savings accounts to maintain a minimum average monthly balance of Rs 3,000 in metropolitan areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas.
Penalties in Metro/Urban centers ranged between Rs. 40-100, and between Rs. 25-75 for Semi-Urban and Rural centers.
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"We have reduced these charges taking into account the feedbacks and sentiments of our customers".
At SBI, in metro and urban centres, a customer has to maintain a AMB of Rs 3000, while in semi-urban region the AMB stands at Rs 2000 and in rural centres a Rs 1000 AMB is needed.
Jan Dhan Yojana accounts, basic savings bank deposits accounts (BSBD), pensioners, beneficiaries of social benefits from the government and accounts of minors are exempted from complying with the minimum balance requirement. In the municipal corporation a fine of Rs. 50 GST tax is Rs. Rs 65 will be charged and in the municipal area Rs. 52 will be charged. The changes will be effective from April 1.
The move will benefit 25 crore customers of the bank.
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Furthermore, there is nil minimum balance amount in BSBD account, also there is no upper limit set for maintaining maximum balance.
In this case, the SBI Bank has replaced the penalty again.
Last month, Kumar had said savings accounts are a product in which it is expected that some money would be available and transactions will take place. The bank had subsequently lowered the AMB, following criticism from the customers. My outgo on the ATM card itself is Rs 1,500 crore annually.
As on September 30, 2017, SBI has a deposit base of Rs 26.23 lakh crore with CASA ratio of 43.81% and advances of Rs 18.92 lakh crore. "But it can't work this way that everything comes free", Kumar said.
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