State Bank of India reduces penalty for non-maintenance of minimum balance
7 years, 5 months ago

State Bank of India reduces penalty for non-maintenance of minimum balance

Firstpost  

The penalty revision is likely to benefit 5 crore account holders, SBI said Mumbai: The State Bank of India on Monday lowered the penalty on savings accounts for non-maintenance of minimum balance while exempting the accounts of minors and pensioners. The largest public sector bank had levied penalty for not maintaining minimum balance in its savings accounts starting 1 April. This is in addition to the already exempted categories under Pradhan Mantri Jan-Dhan Yojana accounts and Basic Savings Bank Deposits Accounts,” it said. The bank has 42 crore savings bank accounts out of which 13 crore accounts fall under PMJDY/ BSBD, which were exempt.

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History of this topic

RBI imposes over Rs 60 lakh penalty on these two banks: Check names and reason
1 month ago

RBI imposes over Rs 60 lakh penalty on these two banks: Check names and reason

India TV News  

The Reserve Bank of India has imposed penalties totalling Rs 68.1 lakh on Nainital Bank and Ujjivan Small Finance Bank for violations of regulatory norms. According to an official statement released on Friday, Nainital Bank Ltd faced a penalty of Rs 61.40 lakh for non-compliance with RBI’s guidelines on ‘Interest Rate on Advances’ and ‘Customer Service in Banks’. Further, RBI …

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue
7 months ago

SBI and PNB in talks with Karnataka govt for resolution over transaction suspension issue

India TV News  

Following Karnataka's unexpected decision to halt all transactions with them, the State Bank of India and Punjab National Bank on Thursday said that they are working with the state to find an "amicable resolution" on the matter. Karnataka govt suspends all transactions with SBI and PNB The Karnataka government had issued an order suspending all transactions with the State Bank …

Which bank is charging how much for not maintaining minimum balance? Check details here
7 months ago

Which bank is charging how much for not maintaining minimum balance? Check details here

India TV News  

New Delhi: There was news recently that government banks collectively charged approximately Rs 8,495 crore from their customers for not maintaining the minimum balance. Full details of SBI, HDFC, ICICI, Yes Bank and PNB here: Here are the details regarding the charges for not maintaining the minimum balance in savings accounts across different banks: State Bank of India Since 2020, …

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank
1 year, 2 months ago

RBI imposes ₹2.49 crore penalty on Dhanlaxmi Bank, Punjab and Sind Bank and ESAF Small Finance Bank

The Hindu  

The Reserve Bank on Friday said it has imposed penalties totalling ₹2.49 crore on three banks, including Dhanlaxmi Bank and Punjab and Sind Bank, for contravention of regulatory norms. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances — Statutory and Other Restrictions', KYC and certain norms related to …

RBI imposes fine on 3 banks for non-compliances, check details
1 year, 2 months ago

RBI imposes fine on 3 banks for non-compliances, check details

Live Mint  

The Reserve Bank of India on 12 January imposed monetary penalties, of varying degrees, against ESAF Small Finance Bank, Dhanlaxmi Bank, and Punjab and Sind Bank over various non-compliances. A penalty of ₹1.20 crore has been slapped on Dhanlaxmi Bank for non-compliance with certain directions on 'Loans and Advances – Statutory and Other Restrictions', KYC, and certain norms related to …

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM
1 year, 6 months ago

Jan Dhan Yojana revolutionised financial inclusion in India, more than 50 cr bank a/cs opened: FM

The Hindu  

Finance Minister Nirmala Sitharaman on August 28 said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing ₹2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana, which is one of the biggest …

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore
1 year, 6 months ago

PMJDY accounts cross 50 crore, deposits exceed ₹2 lakh crore

The Hindu  

The number of bank accounts under the PM Jan Dhan Yojana, which completes nine years on Monday, has crossed 50 crore this month with total deposits exceeding ₹2 lakh crore, Financial Services Secretary Vivek Joshi said on Saturday. As of August 16, 50.09 crore PMJDY accounts had been opened with total deposits at ₹2,03,505 crore, up from 48.65 crore accounts …

PM Jan-Dhan Yojana adds 500 mn accounts; deposits cross ₹2.03 trillion
1 year, 7 months ago

PM Jan-Dhan Yojana adds 500 mn accounts; deposits cross ₹2.03 trillion

Live Mint  

New Delhi: Pradhan Mantri Jan-Dhan Yojana, the scheme which is responsible for providing basic banking facilities to the underprivileged and further catalysing the government’s mission for financial inclusion, now has in excess of 500 million accounts with deposits crossing ₹2.03 lakh crore. “As per the latest reports submitted by banks the total number of Jan Dhan accounts have crossed 50 …

SBI savings bank account for children: Eligibility, benefits and other details
2 years, 6 months ago

SBI savings bank account for children: Eligibility, benefits and other details

Live Mint  

SBI savings bank account for children: The State Bank of India offers two types of savings accounts for minors - Pehla Kadam and Pehli Udaan. SBI offers Pehla Kadam and Pehli Udaan savings account for children Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but …

December Alert: For pensioners, investors, salaried employees and credit cardholders
3 years, 3 months ago

December Alert: For pensioners, investors, salaried employees and credit cardholders

Live Mint  

The first day of every month usually brings changes. SBI Credit Card EMI Transaction Expensive Customers purchasing products on SBI’s credit card EMI facility is going to become expensive from 1 December 2021. PNB revises savings account interest rates Punjab National Bank has announced its decision to cut the savings account interest rate from 1 December 2021. PNB has reduced …

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India
3 years, 3 months ago

Reserve Bank of India imposes Rs 1 crore penalty on Union Bank of India

Firstpost  

Last week, RBI imposed a monetary penalty of Rs 1 crore on the State Bank of India for contravention of a provision in the Banking Regulation Act, 1949 The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The banking regulator, in a statement, …

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks
3 years, 8 months ago

RBI imposes Rs 14.5 crore penalty on State Bank of India, 13 other banks

India TV News  

The Reserve Bank of India on Tuesday imposed a monetary penalty on fourteen banks, including the State Bank of India and Bank of Baroda for violation of various rules. As per an official release, the violence includes non-compliance with certain provisions of directions issued by RBI on 'Lending to Non-Banking Financial Companies ', 'Bank Finance to Non-Banking Financial Companies ', …

SBI Alert: State Bank of India to revise rules for ATM cash withdrawal, chequebook charges from THIS date
3 years, 9 months ago

SBI Alert: State Bank of India to revise rules for ATM cash withdrawal, chequebook charges from THIS date

India TV News  

SBI Customer Alert: India's largest lender, State Bank of India is all set to revise the service charges for SBI Basic Savings Bank Deposit account holders. Cash withdrawal at SBI ATMs: The service charges will be recovered beyond four free cash withdrawals, including withdrawal at the ATM and Branch. The new service charge beyond four free withdrawals will be Rs …

SBI Rule Change: Cash Withdrawal from ATM to Cheque Books, Check New Charges
3 years, 9 months ago

SBI Rule Change: Cash Withdrawal from ATM to Cheque Books, Check New Charges

News 18  

India?s largest public sector bank, the State Bank of India has introduced new rules for cash withdrawal at its branches and ATMs. As per the official notification issued by the bank, the new rules will be applicable for Basic Savings Bank Deposits account holders of SBI, and will come into effect from July 1, 2021. For every additional cash withdrawal, …

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study
3 years, 11 months ago

SBI collects Rs 300 crore from zero balance accounts for certain services in 5-year: Study

India TV News  

Several banks, including State Bank of India, have been imposing excessive charges on certain services provided to poor persons having zero-balance or Basic Savings Bank Deposit Accounts, a study by the IIT-Bombay has revealed. The study observed that the SBI's decision to levy a charge of Rs 17.70 for every debit transaction beyond four by the BSBDA account holders cannot …

Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark
4 years, 7 months ago

Bank accounts opened under Jan Dhan Yojana crosses 40-crore mark

The Hindu  

More than 40 crore bank accounts have been opened under the government’s flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana, launched about six years ago by the Modi-government. As per the latest figure, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are in excess of ₹1.30 lakh crore. “Another milestone achieved under …

Bank Accounts Opened under Jan Dhan Yojana Cross 40 Crore-mark 6 Years after Scheme was Launched
4 years, 7 months ago

Bank Accounts Opened under Jan Dhan Yojana Cross 40 Crore-mark 6 Years after Scheme was Launched

News 18  

More than 40 crore bank accounts have been opened under the government's flagship financial inclusion drive Pradhan Mantri Jan Dhan Yojana, launched about six years ago by the Modi-government. As per the latest figure, there are 40.05 crore beneficiaries of this scheme and deposits in Jan Dhan bank accounts are in excess of Rs 1.30 lakh crore. "Another milestone achieved …

SBI cuts savings bank deposit rates by 5 basis points to 2.70%
4 years, 9 months ago

SBI cuts savings bank deposit rates by 5 basis points to 2.70%

India TV News  

The country's largest lender State Bank of India has reduced interest rate on savings bank deposits by 5 basis points to 2.70 per cent per annum across all brackets. In April, the bank had reduced its savings bank deposits rate by 25 basis points to 2.75 per cent per annum across all slabs. For deposits maturing in seven days to …

Government to deposit ₹1,000 in women PMJDY accounts in two instalments
4 years, 11 months ago

Government to deposit ₹1,000 in women PMJDY accounts in two instalments

The Hindu  

Urging people not to believe in the rumours, the Finance Ministry on April 9 said ₹500 has been deposited in each Pradhan Mantri Jan Dhan Yojana account held by women for April and ₹1,000 more will be given over the next two months in equal instalments. The Department of Financial Services in a tweet said the government has deposited ₹500 …

Bank savings accounts: No minimum balance charges for three months
4 years, 11 months ago

Bank savings accounts: No minimum balance charges for three months

Live Mint  

Addressing a press conference today, Finance Minister Nirmala Sitharaman announced that charges for not maintaining 'Average Monthly Balance' in accounts will be waived for three months. Country's largest lender State Bank of India on 11 March waived maintenance of minimum balance requirements for all savings bank accounts. As per the decision announced by Finance Minister Nirmala Sitharaman, debit card holders, …

SBI cuts interest rate on savings bank accounts
5 years ago

SBI cuts interest rate on savings bank accounts

Live Mint  

The State Bank of India, country's largest lender, today rationalised interest rate on all savings bank accounts to a flat 3%, a move affecting 44.51 crore account holders. "Bank has rationalised interest rate on savings bank Account to a flat 3 % pa for all buckets," SBI said. "The charges on maintaining average monthly balance are now waived off on …

SBI waives minimum balance charges on all savings bank accounts
5 years ago

SBI waives minimum balance charges on all savings bank accounts

Live Mint  

India's largest bank SBI today announced that it will waive charges for non-maintenance of average monthly balance for all 44.51 crore savings bank accounts. Currently SBI savings bank customers need to maintain average monthly balance of ₹3000, ₹2000 and ₹1000 in metro, semi urban and rural areas respectively. India's biggest bank has also rationalised interest rate on savings bank account …

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account
5 years, 2 months ago

SBI Zero Balance Account: 10 important things you must know about SBI BSBD account

India TV News  

SBI Zero Balance Account: Country's largest lender, State Bank of India offers a range of savings accounts to retail customers. SBI zero balance savings account allows a maximum of 4 cash withdrawals free of cost in a month, including ATM withdrawals at own and other bank's ATMs. SBI Zero Balance Account: Other SBI zero balance savings account State Bank of …

If you are SBI Bank account holder, then this news is important for you!
5 years, 4 months ago

If you are SBI Bank account holder, then this news is important for you!

India TV News  

If you are SBI Bank account holder, then this news is important for you! State Bank of India, the country's largest lender has revised the minimum balance rules that all account holders from November 1, 2019. SBI Bank has revised the minimum balance rules to ensure sufficient balance in the bank accounts of customers. The SBI bank has prescribed certain …

SBI cuts savings bank account interest rate, FD rates
5 years, 5 months ago

SBI cuts savings bank account interest rate, FD rates

Live Mint  

India's biggest bank, State Bank of India or SBI today cut interest rate on savings accounts with balance up to ₹1 lakh to 3.25%, from 3.5%. SBI has also cut interest rate of retail fixed deposits or FDs by 10 basis points for ‘1 year to less than 2 years’ maturity with effect from 10th October, 2019. SBI today also …

RBI bars PMC Bank from doing business for 6 months
5 years, 5 months ago

RBI bars PMC Bank from doing business for 6 months

The Quint  

Mumbai, Sep 24 The Reserve Bank of India has barred the Punjab & Maharashtra Cooperative Bank Ltd, Mumbai from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles on Tuesday. The apex bank's Chief General Manager Yogesh Dayal said …

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty
5 years, 6 months ago

SBI account holders attention! Bank asks to maintain this much minimum monthly balance or pay hefty penalty

India TV News  

SBI bank account holders alert: Are you State Bank of India account holder? To be noted, if someone does not maintain Rs 3,000 as average monthly balance and falls short by 50 per cent the individual will be charged Rs 10 plus GST. SBI account holders of semi-urban branches need to maintain an average monthly balance of Rs 2,000. Meanwhile, …

PNB recovers Rs 278 cr as penalty from poor account holders
5 years, 7 months ago

PNB recovers Rs 278 cr as penalty from poor account holders

India TV News  

India's one of the largest public sector bank, Punjab National Bank has collected Rs 278.66 crore from the poor account holders as penalty in the financial year 2018-19 for not maintaining the minimum balance. This came to light after an RTI activist in Madhya Pradesh's Neemuch district, Chandrashekhar Gaur sought information from the PNB on the amount recovered from the …

Deposits in Jan Dhan accounts cross ₹1-trillion mark
5 years, 8 months ago

Deposits in Jan Dhan accounts cross ₹1-trillion mark

Live Mint  

New Delhi: Deposits in bank accounts opened under Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the ₹1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana accounts was at ₹1,00,495.94 crore as on 3 July. Accounts opened under PMJDY are Basic …

Deposits in Pradhan Mantri Jan Dhan Yojana accounts cross Rs 1 lakh cr-mark: Finance Ministry data
5 years, 8 months ago

Deposits in Pradhan Mantri Jan Dhan Yojana accounts cross Rs 1 lakh cr-mark: Finance Ministry data

Firstpost  

New Delhi: Deposits in bank accounts opened under Jan Dhan scheme, launched about five years ago by the Modi-government, have crossed the Rs 1 lakh crore mark. As per the latest finance ministry data, the total balance in over 36.06 crore Pradhan Mantri Jan Dhan Yojana accounts was at Rs 1,00,495.94 crore as on 3 July. The finance ministry had …

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders
5 years, 9 months ago

RBI relaxes norms for no-frills accounts; banks will provide cheque books, other facilities to basic account holders

Firstpost  

Mumbai: Banks will now provide cheque books and other facilities to basic account holders, with the Reserve Bank of India relaxing the norms on Monday. As part of the financial inclusion drive, the RBI had asked banks to provide BSBDA as savings account offering - certain minimum facilities, free of charge. “Banks are free to provide additional value-added services, including …

Allow basic savings account holders to make at least 4 withdrawals a month: RBI to banks
5 years, 9 months ago

Allow basic savings account holders to make at least 4 withdrawals a month: RBI to banks

Live Mint  

Mumbai: The Reserve Bank of India on Monday said commercial banks need to offer holders of basic savings bank deposit accounts, a minimum of four withdrawals in a month, including automatic teller machine withdrawals. In its earlier direction on 10 August 2012, the central bank had said while there will be no limit on the number of deposits that can …

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained
5 years, 11 months ago

SBI, Bank of Baroda savings accounts: minimum balance rules, penalty explained

Live Mint  

New Delhi: Regular savings accounts require customers to maintain a minimum average balance. State Bank of India, Bank of Baroda and other leading banks have fixed their monthly minimum average balance requirements according to the location of a customer's account. Here are the MAB requirements and penalty charges levied for non-maintenance of balance by SBI, and Bank of Baroda : …

RBI imposes Rs 11 crore fine on 4 banks for non-compliance in Swift operations
6 years ago

RBI imposes Rs 11 crore fine on 4 banks for non-compliance in Swift operations

Firstpost  

Post the PNB fraud, which came to light in February 2018, the RBI has been tough on banks to tighten all kind of their transactions. New Delhi: The Reserve Bank of India has imposed a total monetary fine of Rs 11 crore on four banks—Karnataka Bank, United Bank of India, IOB and Karur Vysya Bank—for non-compliance of directions on Swift …

RBI imposes Rs 5 cr penalty on four public sector lenders for violation of various banking norms
6 years, 1 month ago

RBI imposes Rs 5 cr penalty on four public sector lenders for violation of various banking norms

Firstpost  

The RBI said the fines are based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers. Mumbai: The Reserve Bank of India on Wednesday imposed penalties of Rs 5 crore on four public sector banks including SBI and Corporation Bank for violation …

Bank of Baroda doubles minimum balance limit for savings account
6 years, 2 months ago

Bank of Baroda doubles minimum balance limit for savings account

Live Mint  

New Delhi: Bank of Baroda will be increasing the minimum quarterly average balance that has to be maintained in its advantage savings account. “With effect from 1 February, 2019 the minimum quarterly average balance in Baroda advantage savings account will be updated,” BoB said in a tweet. The minimum quarterly average balance for BoB advantage savings accounts for urban and …

SBI zero-balance savings accounts benefits, eligibility: 5 things to know
6 years, 2 months ago

SBI zero-balance savings accounts benefits, eligibility: 5 things to know

Live Mint  

New Delhi: State Bank of India offers several zero-balance savings accounts, on which the monthly average balance rule is not applicable. These are five types of SBI zero-balance savings accounts 1. Basic Savings Bank Deposit : These accounts can be opened by any individual provided he/she has valid KYC documents. Other benefits of savings accounts opened under PMJDY include, accidental …

SBI tax savings fixed deposit account: 5 things to know
6 years, 3 months ago

SBI tax savings fixed deposit account: 5 things to know

Live Mint  

New Delhi: State Bank of India offers a fixed deposit or term deposit scheme called the SBI Tax Savings Scheme, 2006. SBI Tax Savings Scheme offers tax benefits of up to ₹ 1.5 lakh under Section 80C of the Income Tax Act. The minimum deposit in an SBI Tax Savings Scheme, 2006, fixed deposit plan is ₹ 1,000 or multiples …

How much did your bank earn from charges on non-maintenance of minimum balance?
6 years, 6 months ago

How much did your bank earn from charges on non-maintenance of minimum balance?

Live Mint  

If you do not maintain a minimum balance in your regular savings bank account, chances are your bank penalises you for non-maintenance of the average monthly balance. In 2017-18, public sector banks and leading private sector banks together collected close to ₹ 5,000 crore from customers who did not maintain minimum balance in their accounts, according to the numbers presented …

Govt now targets bank accounts for all individuals
6 years, 6 months ago

Govt now targets bank accounts for all individuals

Live Mint  

New Delhi: The government on Wednesday expanded its social safety net programme to cover more beneficiaries, ahead of the crucial state polls due later this year and general elections in 2019. The cabinet cleared a proposal to expand the scope and benefits associated with the government’s ambitious Pradhan Mantri Jan-Dhan Yojana, aimed at providing a bank account to every Indian …

SBI clarifies on minimum balance charges, claims lowest in industry
6 years, 7 months ago

SBI clarifies on minimum balance charges, claims lowest in industry

Live Mint  

New Delhi: India’s biggest bank State Bank of India or SBI has said that its charges or penalty for not maintaining the average monthly balance in savings bank accounts is among the lowest in the industry. In a tweet, SBI said: “With reference to recent news reports, the bank would like to reiterate that effective April 2018, the average monthly …

Customers pay Rs 5,000cr to banks in FY18 for breaching minimum balance
6 years, 7 months ago

Customers pay Rs 5,000cr to banks in FY18 for breaching minimum balance

India TV News  

As many as 21 public sector banks and three major private sector lenders collected a whopping Rs 5,000 crore from customers for non-maintenance of minimum balance in their accounts in 2017-18, according to banking data. India's largest lender State Bank of India, which suffered a staggering net loss of Rs 6,547 crore during 2017-18, led the pack in penalising its …

PNB collects Rs 151.66 cr as below minimum balance penalty in FY18, reveals RTI query
6 years, 8 months ago

PNB collects Rs 151.66 cr as below minimum balance penalty in FY18, reveals RTI query

Firstpost  

The bank charged Rs 31.99 crore as a penalty in the first quarter of FY18, Rs 29.43 crore in the second, Rs 37.27 crore in the third and Rs 52.97 crore in the fourth quarter, PNB said in the RTI reply Indore: The Punjab National Bank has collected Rs 151.66 crore as penalty from its customers during the last financial …

SBI shuts 41.2 lakh savings accounts for not keeping minimum balance
7 years ago

SBI shuts 41.2 lakh savings accounts for not keeping minimum balance

Live Mint  

Indore: 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 minimum balance, reveals an RTI query. “Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between 1 April 2017 and 31 January 2018,” the bank …

SBI cuts charges for non-maintenance of minimum balance
7 years ago

SBI cuts charges for non-maintenance of minimum balance

Live Mint  

Mumbai: State Bank of India on Tuesday announced up to 75% reduction in charges levied on savings bank account customers for not maintaining the average monthly balance. SBI has also slashed charges for not-maintenance of Rs2,000 as ABM in bank accounts in semi-urban areas to Rs7.50-12 and Rs1,000 in accounts in rural area to Rs5-10. The state-owned lender has around …

No minimum balance penalty for first generation bank accounts: Finance Ministry
7 years, 1 month ago

No minimum balance penalty for first generation bank accounts: Finance Ministry

India TV News  

No minimum balance penalty for first generation bank accounts: Finance Ministry The penalty became a contentious issue when it was reported that public sector banks collected Rs 2320.96 crore in FY18 by imposing a fine on customers who do not maintain their minimum monthly average balance. The minimum balance penality became a contentious issue when it was reported that public …

SBI hints at revising downwards minimum balance amount, penalty in savings accounts
7 years, 2 months ago

SBI hints at revising downwards minimum balance amount, penalty in savings accounts

India TV News  

SBI hints at revising downwards minimum balance amount, penalty in savings accounts As a result, between April and November 2017, the bank had netted a windfall of Rs 1,771.67 crore, which is more than its second quarter profit, as penalties from customers for non-maintenance of MAB, a finance ministry data. Facing all-round criticism for raking in a windfall profit of …

SBI waives off account closure fee: After new minimum balance rules, it is a good move for customer
7 years, 5 months ago

SBI waives off account closure fee: After new minimum balance rules, it is a good move for customer

Firstpost  

SBI has made it easier to for customers who can’t afford to conform to minimum balance rules to close their regular savings accounts and migrate to other no-frills accounts. The country’s largest lender after reviving its minimum account balance rules, has not waived off the fee it charges for closure of an account, provided it has been in existence for …

SBI lowers minimum account balance to ₹3,000: A 5-point guide on how it works
7 years, 5 months ago

SBI lowers minimum account balance to ₹3,000: A 5-point guide on how it works

Live Mint  

New Delhi: The State Bank of India on Monday lowered the minimum average monthly balance requirement in a savings account to ₹ 3,000 from ₹ 5,000 and also revised downwards penalties for non-adherence. Here is a five-point guide for customers to understand what the country’s largest lender reducing minimum average monthly balance requirements means for them: ■ The public sector …

News in Numbers: SBI minimum account balance lowered to Rs3000
7 years, 5 months ago

News in Numbers: SBI minimum account balance lowered to Rs3000

Live Mint  

The revised minimum account balance to be maintained by customers of State Bank of India in metro areas. The overall collection efficiency, the percentage of monthly receipts out of total loans, in the microfinance sector in July 2017, according to ratings firm ICRA Ltd. Why is it important? Tell me more: To provide some perspective, 1 petabyte can store about …

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