SBI slashes charges for non-maintenance of minimum balance for Metro, Urban branch customers by nearly 75 per cent

The nation's largest bank, State Bank of India has made a massive cut in the non-maintenance of Average Monthly Balance (AMB) in savings accounts by nearly 75 per cent. 

The revised charges will be effective from April 01, 2018 and will benefit over 25 crore customers. The lender said that the decision of slashing AMB was taken keeping in view the feedback from various stakeholders. 

Now, the 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 centers the charges have been reduced from Rs. 40/- p.m plus GST to Rs. 12/- and Rs. 10/- p.m. plus GST respectively.

‎"We have reduced these charges taking into account the feedbacks and sentiments of our customers. SBI also offers its customers options to shift from regular savings bank account to basic savings account on which no charges are levied.”

SBI has 41 crores Savings Bank accounts out of which 16 crore accounts are either under Pradhan Mantri Jan Dhan Yojana or are basic savings bank accounts. Both these accounts do not have minimum balance requirements. Besides pensioner/minors/social security benefit holders accounts 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.