SBI Reviewed the minimum balance charges

New Delhi, September 17: The Country's largest lender State Bank Of India has reviewed the Minimum account balance here on Sunday.

SBI said in a statement that, after the receiving feedback from the customers, it is reviewing charges for certain categories of accounts for Non- maintenance of monthly average balance (MAB).

After the Gap of five years, the SBI banks has re introduced the monthly average balance.

Banks managing director Rajnish Kumar said with the reporters that, "We have received feedback from our customers on the issue and we are reviewing those. The bank will take into account those and make an informed decision"

According to the list of revised charges of SBI, failure to maintain monthly average balance in accounts will attract a penalty of up to Rs 100 plus goods and services tax (GST).

The bank has exempted BSBD and PMJDY accounts from maintaining the minimum balance requirement.
Out of the 27 crore normal savings bank accounts, nearly 15-20 percent are those where customers are not maintaining monthly average balance.

According to the list, In rural areas, the monthly average balance requirement has been kept at Rs 1,000. Any shortfall in maintaining a minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST.

He also added that the bank has over 40 crore savings bank accounts, which includes 13 crores of Basic Savings Bank Deposit (BSBD) and Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts.