Contact Your Financial Adviser Money Making MC
25
September 2017
 |
SBI (The Total Investment & Insurance
Solutions)
Following
pressure from several quarters, State Bank of India (SBI) has reviewed its
monthly average balance (MAB) requirement and charges for non-maintenance of
MAB. The state-run lender has also decided to exempt from MAB requirement,
pensioners, beneficiaries of social benefits from the government and accounts
of minors, in addition to PMJDY accounts and basic savings bank deposits
accounts (BSBD). The Total Investment & Insurance
Solutions
The
Bank has also decided to treat the metro and urban centres in the same category
and the requirement of MAB in metro centres stands reduced to Rs3,000 per
month. For non-maintenance of MAB, SBI has revised downward its charges ranging
from 20% to 50% across all population groups and categories. The charges at
semi-urban and rural centres range from Rs20 to Rs40 and at urban and metro
centres from Rs30 to Rs50. The revised MAB requirement and charges will become
applicable from October 2017.
The
Bank has a very strong deposit franchise having 42 crores savings bank accounts
out of which 13 crore accounts under PMJDY / BSBD were already exempted. The
above revision is likely to benefit another five crore account holders. The
Bank also clarified that 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
maintain MAB. The features of BSBD accounts are available in the bank’s website
bank.sbi. The Total Investment & Insurance
Solutions
The
following categories of savings bank accounts are excluded from MAB requirement:
i) Financial
Inclusion Accounts
ii)
Basic Savings Bank Deposit Accounts
iii)
Small Accounts
iv)
Pahela Kadam and Paheli Udaan accounts.
v) Minors
up to the age group of 18 (Primary Account Holder)
vi)
Pensioners, all categories, including recipients of social welfare benefits.The Total Investment & Insurance Solutions
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