There is good news for the customers of State Bank of India (SBI). The India’s largest bank has reduced minimum balance non-maintenance changes by up to 75%, which will be effective from April 1, 2018.

These charges are levied by the bank when you fail to maintain an average monthly balance (AMB). They have been cut from a maximum of Rs 50 for urban customers to Rs 15.

For semi-urban and rural customers they have been cut from Rs 40 to Rs 12 and Rs 10 respective. GST will continue to be applicable on them.

The revision is expected to benefit 25 crore customers of the bank. SBI customers also have the option of changing their bank accounts to ‘Basic Savings Bank Accounts’ which do not have minimum balance requirements.

You can find a detailed table of charges on account of failure to maintain minimum balance:

State Bank of India charges for not maintaining average monthly balance reduced

 

Author
Neil Borate

Neil Borate is Deputy Editor, RupeeIQ. He can be contacted at neil@rupeeiq.com.