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State Bank of India in Tuesday said it will reduces charges for non-maintenance of the average monthly balance (AMB) by up to 75 per cent with effect from April 1, 2018. This move will benefit 25 crore customers, India's largest bank said in a statement.
The charges for non-maintenance of AMB for customers in the metro and urban centres has been reduced from a maximum of Rs 50 per month (p.m.) plus GST to Rs 15 p.m. plus GST. Similarly, for semi-urban and rural centres, the charges have been reduced from Rs 40 p.m plus GST to Rs 12 and Rs 10 p.m. plus GST respectively.
P. K. Gupta, MD – Retail & Digital Banking, SBI said, “We have reduced these charges taking into account the feedback and sentiments of our customers.
"....Our bank also offers its customers the option to shift from regular savings bank account to BSBD account on which no charges are levied.”
The bank clarified that the customer has the option of converting the regular savings bank account to a Basic Savings Bank Account (BSBD account) free of charge, in case he desires to avail of basic savings bank facilities without being subject to maintenance of AMB.
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