SBI recently cut 75% penalty for non-maintenance of monthly average balance. New charges will be effective 1 April.
Penal charges for non-maintenance of AMB in metros and urban centers were reduced from a maximum of Rs. 50/month plus taxes at 18% to Rs. 15/month and taxes.
For semi-urban and rural centers, charges were reduced from Rs. 40 to Rs. 12 and Rs. 10/month, respectively.
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The SBI has 41cr savings bank accounts. Of that, 16cr are under Pradhan Mantri Jan Dhan Yojna/basic savings bank deposit (BSBD), which are all exempted from the penalty for not maintaining the minimum balance.
Between April and November, the bank had netted a windfall of Rs. 1,771.67cr, more than its second-quarter profit, from customers for non-maintenance of minimum balance, states Finance Ministry data.
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