NEW DELHI: State Bank of India gave the betting reduction rate to consumers at the beginning of the new year. But now it seems that gifts will go ahead. SBI can give you one more gift. In which you will have to keep less money in the bank, you will also be saved from the charge. The bank is now looking at reducing the limit of minimum balance.
According to the norms of SBI's Minimum Balance, if 50% of the balance in Balance is less than 5000 rupees in metro cities, then 50 rupees less, 50-75% less balance, 75 rupees less and 75% less balance, then 100 rupees charge is charged. Whereas, if urban areas have less than 50% balance of less than 50%, then 40 rupees, 50-75% less balance, 60 and 75% balance, then 75 rupees are charged.
After pressure from the government for monthly average balance (MAB), the bank has defended its charge saying that the bank has to spend a certain amount on every customer's account. The charge that is being levied for not maintaining certain balance in the account is much less than the cost incurred on it. The bank lifted the limit for keeping minimum balance in all savings accounts in 2012. However, it was re-applied on 1 April 2017.
The bank may also bring quarterly minimum balance limit instead of monthly. According to sources, the bank can reduce the limit of minimum 3,000 rupees, which can be reduced to Rs.1000. On the one hand, there is a need to have a minimum balance of Rs 3,000 in urban areas at present, which is much higher than other government banks, while in private banks, it is necessary to have at least 10 thousand balance mortgage in most of the banks.
SBI started charging customers who could not make a fixed balance on 1 April 2017. The bank gave some relief in September. In which the limit of minimum balance in cities was reduced from five thousand to three thousand. The bank has excluded the pensioners, beneficiaries and people taking advantage of the government scheme.
There are 42 crore savings accounts in the country's largest bank SBI. Out of which 13 crore accounts fall into basic savings account and Prime Minister Jana Yojana, in which minimum balance is not required. After the SBI, the Punjab National Bank comes second in the matter, which has received 97.34 crore rupees in the April-November period for non-payment of Minimum Balance Menten from the subscribers.
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According to the norms of SBI's Minimum Balance, if 50% of the balance in Balance is less than 5000 rupees in metro cities, then 50 rupees less, 50-75% less balance, 75 rupees less and 75% less balance, then 100 rupees charge is charged. Whereas, if urban areas have less than 50% balance of less than 50%, then 40 rupees, 50-75% less balance, 60 and 75% balance, then 75 rupees are charged.
After pressure from the government for monthly average balance (MAB), the bank has defended its charge saying that the bank has to spend a certain amount on every customer's account. The charge that is being levied for not maintaining certain balance in the account is much less than the cost incurred on it. The bank lifted the limit for keeping minimum balance in all savings accounts in 2012. However, it was re-applied on 1 April 2017.
The bank may also bring quarterly minimum balance limit instead of monthly. According to sources, the bank can reduce the limit of minimum 3,000 rupees, which can be reduced to Rs.1000. On the one hand, there is a need to have a minimum balance of Rs 3,000 in urban areas at present, which is much higher than other government banks, while in private banks, it is necessary to have at least 10 thousand balance mortgage in most of the banks.
SBI started charging customers who could not make a fixed balance on 1 April 2017. The bank gave some relief in September. In which the limit of minimum balance in cities was reduced from five thousand to three thousand. The bank has excluded the pensioners, beneficiaries and people taking advantage of the government scheme.
There are 42 crore savings accounts in the country's largest bank SBI. Out of which 13 crore accounts fall into basic savings account and Prime Minister Jana Yojana, in which minimum balance is not required. After the SBI, the Punjab National Bank comes second in the matter, which has received 97.34 crore rupees in the April-November period for non-payment of Minimum Balance Menten from the subscribers.
Read in details
