Health Care

SBI may announce minimum balance criteria again

SBI may announce minimum balance criteria again

SBI officials said that a circular was issued in October asking not to charge penalty for not keeping the minimum balance in accounts that were opened to receive pensions, scholarships and other privileges from government.

The country's largest lender State Bank of India (SBI) is likely to reduce minimum balance requirement for savings accounts, media reports said on Friday. During April-November 2017, the bank has netted a windfall of Rs 1,771.67 crore from customers for non-maintenance of monthly average balance in savings accounts. 50 a month depending on the extent of shortfall and the location of the branch. In the July-September quarter, the bank profited Rs 1,581.55 crore from collecting fines for not maintaining the MAB, the amount which is more than its second-quarter profit.

In April 2017, SBI had re-introduced the requirement for maintenance monthly average balance and penalties for non-maintenance after six years. The amount was also almost half of the Rs 3,586 crore the bank earned as net profit from April to September. Customers in the metro and urban centres will now have to maintain average Rs 1,000 during the quarter compared to Rs 3,000 average on a monthly basis. The biggest lender had also revised the penalties that account holders are supposed to pay for failing to maintain the stipulated balance in their savings accounts. But soon SBI received a backlash from its customer because of their high minimum required balance due to which SBI brought down the limit to Rs. 3000 from Rs 5000.

Should coffee customers be charged 25p for disposable cups?
Legislation needs to set a date after which the continued production of unrecyclable coffee cups is banned by law". The report says disposable coffee cups are "made from paper and lined with plastic" which renders them waterproof.

The MAB for urban SBI customers remains unchanged, as does the penalty for its non-maintenance.

The MAB for semi-urban areas has been unchanged at Rs 2,000, but penalties for non-maintenance have been slashed for this group. For rural areas, the penalty ranges from Rs 20-50 plus service tax.

"The bank also clarified that customer always has the option of converting the regular savings bank account to Basic Savings Bank Deposit (BSBD) account, free of charge, in case he desires to avail basic savings bank facilities without being subject to maintain MAB".


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