In a move that will cheer its customers across the country, the State Bank of India has slashed its charges for non-maintenance of average minimum balance across the country by up to 75 per cent. The charges for non-maintenance of average minimum balance in metro and urban centres have been reduced from Rs 50 per month plus GST to Rs 15 per month plus GST.
For semi-urban and rural centres, the charges have been reduced from Rs 40 per month plus GST to Rs 12 & Rs 10 per month plus GST, respectively. The revised charges will be effective from April 1.
The move will benefit 25 crore customers of the bank. "We have reduced these charges taking into account the feedback and sentiments of our customers," SBI's managing director (retail and digital banking) P.K. Gupta said.
The SBI also offers its customers to shift from a regular savings bank account to basic savings bank deposit account (BSBD) on which no charges are levied.
A customer always has the option of converting the regular savings bank account to BSBD account free of charge, in case he desires to avail basic savings bank facilities without being subject to maintenance of AMB, Gupta said.
The lender has 41 crore savings bank accounts, out of which 16 crore accounts under the Pradhan Mantri Jan Dhan Yojna/ BSBD, and of pensioners/ minors/ social security benefit holders are already exempted from charges on non- maintenance of minimum balance.
(With inputs from PTI)