Good News For the SBI Account holders

New Delhi, October 02: Here is the good news for the SBI Customers, as the state-owned lender has waived off account closing charges for all savings bank customers under the condition that their account has existed for over a year.

The waiver came into effect on October 1. Earlier, the bank used to deduct a sum of Rs 500, along with the applicable goods and services tax (GST), in the form of account closing charges for all accounts other than those closed during the 14-day free-look period.

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 tweeter post.

In a recent move, SBI 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.