SBI plans to cut minimum balance requirement
The country's largest lender State Bank of India is likely to slash the minimum average balance requirement as it faced public backlash for netting profits over penalty fees, as reported by Economic Times. This is more than the bank's July-September quarter net profit of Rs 1,581.55 crore and almost half of the Rs 3,586 crore it earned as net profit April-September.
It may be noted that that the SBI garnered through fines was more than lender's net profit of Rs 1,581.55 crore in July-September quarter and almost half of the Rs 3,586 crore profit in April-September period. According to the bank's revised charges, the charges are Rs 100 plus taxes. Central Bank of India collected Rs 68.67 crore, while Canara Bank recorded Rs 62.16 crore collection, the report said.
Minimum balance in metro areas: Rs3,000. "As I said, we brought it back in April and we reviewed in October, now also we are in the process of reviewing it", Gupta said at the sidelines of an event on Friday.
SBI had defended the move saying, "On an average balance of Rs 3,000 in metro, SBI earns Rs6 only per month, whereas for a minimum balance of Rs1,000 in rural, bank earns Rs2 per month which is meagre when compared to the services offered and corresponding costs incurred by the bank (free cheque book, 8 free ATM transactions, free branch transactions)", it had said in a statement.
The SBI, after a gap of six years, had reintroduced the monthly average balance (MAB) charges from April 1, 2017. Any shortfall in maintaining minimum balance in rural areas can attract penalty in the range of Rs 20 to Rs 50 plus GST.
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In rural areas, the monthly average balance requirement has been kept at Rs 1,000. This is same to those for metro city SBI customers. The MAB for accounts from metro areas was set at Rs5,000 and those from urban areas at Rs3,000.
The MAB for semi-urban areas has been unchanged at Rs 2,000, but penalties for non-maintenance have been slashed for this group.
SBI has close to 40.5 crore saving bank account customers.
Less than Rs 500 - Rs 40 as fine.
If there is more than 75% funds missing from the minimum balance requirement then there is a penalty of Rs 100 plus service tax while if there is a deficit of 50%, then Rs 50 plus service tax will be charged from the account holder.
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