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13
March 2018
 |
S.B.I
(The Total Investment & Insurance Solutions)
State
Bank of India (SBI) has substantially reduced charges for non-maintenance of
Average Monthly Balance (AMB) in savings accounts. The revised charges will be
effective from 1 April 2018. This step is taken keeping in view the feedback
from various stakeholders, according to a release from the bank.
The
charges for non-maintenance of AMB for customers in metro and urban centres
have been reduced from a maximum of Rs50/- p.m plus GST (Goods and
Service Tax) to Rs15/- p.m. plus GST. Similarly, for semi-urban and rural
centres the charges have been reduced from Rs40/- p.m plus GST to Rs12/- and
Rs10/- p.m. plus GST respectively. The Total
Investment & Insurance Solutions
On
the reduction of charges, PK Gupta, managing director – retail & digital
banking, SBI said, “We have reduced these charges taking into account the
feedbacks and sentiments of our customers. Bank has always focused on keeping
the interests of its customers first and this is one of our many efforts towards
fulfilling customer expectations. Bank also offers its customers to shift from
regular savings bank account to BSBD (Basic Savings Bank Account) account on
which no charges are levied.”
According
to the bank, it has a very strong deposit franchise having 41 crores savings
bank accounts out of which 16 crore accounts under PMJDY (Prime Minister Jan
Dhan Yojana) / BSBD and of pensioner/ minors/ social security benefit holders
were already exempted. In addition, students upto the age of 21 years are also
exempted. The above revision in AMB will benefit 25 crore customers. The Total Investment & Insurance Solutions
The
bank management also clarified that the customer always has the option of
converting the regular savings bank account to Basic Savings Bank Account (BSBD
account), free of charge, in case he desires to avail basic savings bank
facilities without being subject to maintenance of AMB.The Total Investment & Insurance Solutions
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