In a move that will bring cheers to at least 25 crore customers of the bank, the State Bank of India has reduced the charges for non-maintenance of average minimum balance up to 75 per cent.
The charges for non-maintenance of average minimum balance in metro and urban centres have been reduced from the maximum of Rs 50 per month plus GST to Rs 15 per month plus GST. For semi-urban and rural centres charges have been reduced from Rs 40 per month plus GST to Rs 12 and Rs 10 per month plus GST, respectively.
The minimum balance limit for SBI customers is Rs 3,000 for metro and urban centres, Rs 2,000 for semi-urban areas and Rs 1,000, while certain groups exempted from the restrictions of maintaining a minimum balance at the end of the month, including financial inclusion accounts, basic savings bank deposit accounts, small Accounts, Phela Kadam and Pheli Udaan accounts, minors till the age of 18 years, and all pensioners including recipients of social welfare benefits.
