The country’s largest lender, State Bank of India (SBI) has announced in an official statement its decision to slash non-maintenance charges (NMC) on average monthly balance (AMB) by upto 75 per cent, which the bank believes will benefit 25 crore account holders in SBI.
The bank has announced that the NMC on savings accounts in urban areas is to be reduced from the current Rs 50 to Rs 15 plus GST per month. Also the charges in semi-urban and rural areas will henceforth be Rs 12 and Rs 10 plus GST from the earlier Rs 40 per month.
Account holders can also transition from a savings account to a Basic Savings Bank Deposit (BSBD) account on which no NMC charges are levied.
The new charges will be effective from 1 April, 2018 that is the beginning of the next month. The bank says that the decision has been taken based on feedback from the customers.
The bank currently handles 41 crore savings bank accounts of which 16 crore are already exempt under several schemes like Pradhan Mantri Jan Dhan Yojna, social security benfit holders etc.