SBI revises service charges on maintaining monthly average balance

SBI revises service charges on maintaining monthly average balance

Mumbai, September 25, 2017: State Bank of India (SBI) has reviewed the requirement of maintaining Monthly Average Balance (MAB) and the charges for non-maintenance of MAB. In this context SBI would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges. In respect of the rest, it has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors. Therefore, this is in addition to the already exempted categories under PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD).

The Bank has also decided to treat the metro and urban centres in the same category and the requirement of MAB in metro centres stands reduced to Rs.3000/- . For non-maintenance of MAB, the charges have also been revised downward ranging from 20% to 50% across all population groups and categories. The charges at semi-urban and rural centres range from Rs.20/- to Rs 40/- and at urban and metro centres from Rs 30/- to Rs 50/-. The revised MAB requirement and charges will become applicable from the month of October 2017.

The Bank has a very strong deposit franchise having 42 crores Savings Bank accounts out of which 13 crore accounts under PMJDY / BSBD were already exempted. The above revision is likely to benefit another 5 crore account holders. The Bank also clarified that customer always has the option of converting the regular savings bank account to BSBD account, free of charge, in case he desires to avail basic savings bank facilities without being subject to maintain MAB. The features of BSBD accounts are available in the bank’s website bank.sbi.

The following categories of Savings Bank Accounts are excluded from MAB requirement:

i) Financial Inclusion Accounts

ii) Basic Savings Bank Deposit Accounts

iii) Small Accounts

iv) Pehla Kadam and Pehli Udaan accounts.

v) Minors up to the age group of 18 (Primary Account Holder)

vi) Pensioners, all categories, including recipients of social welfare benefits

About State Bank of India

State Bank of India (SBI) the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. The bank has a deposit base of 26.02 lakh crore with CASA ratio of 43.81%. As on June 30, 2017, SBI has an extensive network, with over 23 thousand branches in India and 194 offices in 35 other countries across the world in all time zones. It has a strong network of more than 59 thousand group ATMs. With more than 2.73 lac employees it caters to a customer base of more than 42 crore which includes nearly 2.3 crore Mobile Banking users, over 4 crore Internet Banking users, 1.07 crore State Bank Buddy users. As on March 31, 2017, the bank has installed more than 6 lac PoS terminals, capturing a little over 22% of market share and 34.5 crore State Bank Debit Card holders. SBI has the highest number of Facebook followers across all banks in the world. SBI’s non- banking subsidiaries / joint ventures are market leaders in their respective areas and provide wide ranging services, which include investment banking, life insurance, general insurance, mutual funds, credit cards, factoring services, security trading, etc making the SBI Group a truly large financial supermarket and India’s financial icon.

Authority: www.sbi.co.in