SBI closes 41.2 lakh savings accounts for not keeping minimum balance

INDORE: State Bank of India has closed as many as 41.16 lakh savings accounts between April-January within the present fiscal year for now not keeping up the typical monthly balance, unearths an RTI question.

Last April, the nation's largest lender had re-introduced the penal charges on non-maintenance of average monthly balance after a gap of five years. Later in October, it had revised down the costs to some extent.

"Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between April 1, 2017 and January 31, 2018," the bank replied to an RTI question filed by way of Chandra Shekhar Gaud from Neemuch in Madhya Pradesh.

Even despite the fact that the reply was furnished by way of the state-run lender on February 28, 2018, the bank nowadays steeply decreased the penal charges on now not keeping up the minimal balance.

The reply was to a selected question on the selection of accounts being closed after creation of charges on non- maintenance of minimal balance from April 1, 2017.

The State Bank has 41 crore savings bank accounts. Of that, 16 crore are below the Pradhan Mantri Jan Dhan Yojana/fundamental savings bank deposit (BSBD) and of pensioner, minors, social security benefit holders which might be all exempted from the penalty for now not keeping up of the minimal balance.

Between April and November 2017, the bank had netted a windfall of Rs 1,771.67 crore, more than its 2d quarter benefit, from shoppers for non-maintenance of minimal balance, consistent with the finance ministry information.

On Tuesday, the lender decreased its charges for non- maintenance of average monthly balance by way of as much as 75 consistent with cent.

The bank has decreased the penal charges for non- maintenance of AMB within the metros and concrete centres from a maximum of Rs 50 per thirty days plus taxes at 18 consistent with cent to Rs 15 a month and taxes. For city and metro shoppers average monthly balance is of Rs three,000 per thirty days.

For semi-urban and rural centres, the costs had been decreased from Rs 40 to Rs 12, and Rs 10 consistent with, respectively. The MBA requirement for semi-urban area is Rs 2,000, whilst for rural centres is Rs 1,000.

The bank offers its shoppers the way to shift from common savings accounts to BSBD accounts on which no charges are levied, he added.

SBI closes 41.2 lakh savings accounts for not keeping minimum balance SBI closes 41.2 lakh savings accounts for not keeping minimum balance Reviewed by kailash soni on March 14, 2018 Rating: 5
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