SBI Closes 41.16 Lakh Savings Accounts
State Bank of India has
closed as many as 41.16 lakh savings accounts between April-January in the
current fiscal year for not maintaining the average monthly balance, reveals an
RTI query.
SBI Closes 41.16 Lakh
Savings Accounts
Last April, the nation’s
largest lender had re-introduced the penal charges on non-maintenance of
average monthly balance after a gap of five years. Later in October, it had
revised down the charges to some extent.
“Due to
provisions of penalty on non-maintenance of minimum balance, the bank has
closed 41.16 lakh savings bank accounts between April 1, 2017, and January 31,
2018,” the bank replied to an RTI query filed by Chandra Shekhar Gaud from
Neemuch in Madhya Pradesh.
Even though the reply was furnished by the state-run lender on
February 28, 2018, the bank has steeply reduced the penal charges on not
maintaining the minimum balance, yesterday.
Also Read: SBI
Slashes its Minimum Balance Charges to Rs 15
The reply was to a specific query on the number of accounts
being closed after introduction of charges on non-maintenance of minimum
balance from April 1, 2017.
State Bank of India has 41 crore savings bank accounts. Of that,
16 crore are under the Pradhan Mantri Jan Dhan Yojana/basic savings bank
deposit (BSBD) and of pensioners, minors, social security benefit holders which
are all exempted from the penalty for not maintaining the minimum balance.
Between April and November 2017, the bank had netted a windfall
of Rs. 1,771.67 crore, more than its second-quarter profit, from customers for
non-maintenance of minimum balance, according to the finance ministry data.
Today, the lender reduced its charges for non-maintenance of
average monthly balance (AMB) by up to 75 percent.
The bank has reduced the penal charges for non-maintenance of
AMB in the metros and urban centres from a maximum of Rs. 50 per
month plus taxes at 18 percent to Rs. 15 a month and taxes. For urban
and metro customers average monthly balance is of Rs. 3,000 per
month.
For semi-urban and rural centres, the charges have been reduced
from Rs. 40 to Rs. 12, and Rs. 10 per,
respectively.
The average monthly balance requirement for semi-urban area
is Rs. 2,000, while for rural centres is Rs. 1,000.
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