Relief For Crores As SBI Slashes Non-Maintenance Charges On Monthly Balance By 75 Per Cent
Relief For Crores As SBI Slashes Non-Maintenance Charges On Monthly Balance By 75 Per CentState Bank Of India. (Manjulkumar via Wikimedia Commons) 

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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber