State Bank Of India (SBI) to Review Saving Accounts Non-maintenance Penalty Amount

State Bank Of India (SBI)

India largest public sector bank State Bank Of India (SBI) has started reviewing its earlier decision on amount of penalty to be imposed on certain category of accounts in case of non-maintenance of minimum monthly balance by the customers. Earlier in April this year bank had reintroduced new non maintenance charges for customers after a gap of five years.

In the mean time United Forum of Bank Unions (UFBU), an umbrella association of all banks unions, has looked for Finance Minister Arun Jaitley’s intercession to rollback the climb in charges forced on clients.

Plus, the representatives of UFBU, at a meeting with the finance minister on September 15, likewise requested him to stop the merger of public sector banks.

one of the bank officer unions of the UFBU All India Bank Officers Confederation (AIBOC) Joint General Secretary Ravinder Gupta also given suggestions to tackle the problem of rising in number of bad loans. He suggested to declare wilful defaulters as criminals. In regard to the increase in non-maintenance charges on saving banks they said that on one hand banks are writing off bog corporate’s loans but on other hands they are putting more burden on common customers, which is totally unfair.

Here are the revised charges of SBI:

In metropolitan areas, there will be a charge of Rs 100 plus GST, if minimum account balance falls underneath 75% of the MAB of Rs 5,000. On the other hand If the shortfall is 50 per cent or less of the MAB, at that point the bank will charge Rs 50 or plus GST.

In rural regions, the month to month average balance necessity has been kept at Rs 1,000. Any deficiency in keeping up least adjust in rural regions can be panalized in the scope of Rs 20 to Rs 50 or more GST.

SBI bank till now has over savings bank accounts up to 40 Crore, out of these accounts 13 crore are Basic Savings Bank Deposit (BSBD) and Pradhan Mantri Jan-Dhan Yojana (PMJDY) accounts. These 13 crore accounts will be exempted from minimum balance requirement.

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