SBI Slashes Charges On Minimum Balance by Nearly 75 Percent


New Delhi[]:-The State Bank of India or SBI, country’s biggest lender, has reduced charges for non-maintenance of minimum balance in Savings Account. The revised charges are expected to benefit over 25 crore customers and shall be put into effect from 1st April 2018.

The charges for customers in Urban and Metro centers have been cut down from a maximum of Rs.50 per month to Rs. 15 per month. For Semi-Urban and Rural centers charges were reduced from Rs.40 per month to Rs. 12 per month. GST charges of Rs. 10 shall continue to be applicable over and above the rates as specified above.

This move was followed after finance ministry reports showed that non-maintenance charges of Rs. 1,771 crores were collected by SBI in 2017 during April to November. Currently, the minimum balance requirement in urban areas is Rs. 3,000, while it is Rs.2,000 for semi-urban areas and Rs. 1,000 for rural areas.

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