SBI slashes charges for non-maintenance of minimum balance

Last Updated: Mar 13 2018 | 4:36 PM IST

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New Delhi, Mar 13 (ANI): The State Bank of India (SBI) announced a substantial reduction of charges for non-maintenance of Average Monthly Balance (AMB) in savings accounts, effective April 1. The charges for non-maintenance of AMB for customers in metro and urban centers have been reduced from a maximum of Rs. 50 to Rs.15 per month, excluding Goods and Services Tax (GST). Similarly, for semi-urban and rural centers, the charges have been reduced from Rs. 40 to Rs. 12 and Rs. 10 per month respectively, excluding GST. The bank contains Rs. 41 crores savings bank accounts, out of which 16 crore accounts under the Prime Minister's Jan Dhan Yojna (PMJDY), and Basic Savings Bank Deposit Account (BSBD) and of pensioners/minors/social security benefit holders were already exempted. In addition, students up to the age of 21 years are also exempted.