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 April 01, 2018. This step is taken keeping in view the feedback from various stakeholders.
The charges for non-maintenance of AMB for customers in Metro and Urban centres have been reduced from a maximum of Rs. 50/- p.m plus GST to Rs. 15/- p.m. plus GST. Similarly for Semi-Urban and Rural centres the charges have been reduced from Rs. 40/- p.m plus GST to Rs. 12/- and Rs. 10/- p.m. plus GST respectively. (Table enclosed below)
On the reduction of charges, Mr. P K Gupta, MD – 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 account on which no charges are levied.”
The Bank has a very strong deposit franchise having 41 crores Savings Bank accounts out of which 16 crore accounts under PMJDY / 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 cr. customers.
The Bank also clarified that 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.
Table of charges for non-maintenance of AMB across various categories