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 by the government in Lok Sabha last month in response to a question on charges levied by banks on customers. The Jan Dhan Yojana accounts and basic savings bank deposit accounts, also called no-frills accounts, are exempt from minimum balance requirements. In metro cities, the minimum balance you need to maintain in your SBI account is ₹ 3,000; it is ₹ 2,000 in semi-urban branches; and ₹ 1,000 in rural branches.

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History of this topic

Which bank is charging how much for not maintaining minimum balance? Check details here
7 months, 1 week 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, …

Zero balance savings accounts: All you need to know
4 years, 8 months ago

Zero balance savings accounts: All you need to know

India Today  

Zero Balance Savings Account is a type of account where you are not required to maintain a minimum balance. Account-holders who find it tough to maintain high balances can apply for a Zero Balance Savings Account. Here is the list of banks that offer zero balance savings accounts: IDFC First Bank Pratham Savings Account DBS Digi Savings YES Bank Smart …

Bank savings accounts: No minimum balance charges for three months
5 years 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 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, 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 : …

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 …

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 lowers minimum account balance to ₹3,000: A 5-point guide on how it works
7 years, 6 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, 6 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 …

Public outcry forces State Bank to slash minimum balance to Rs 3,000
7 years, 6 months ago

Public outcry forces State Bank to slash minimum balance to Rs 3,000

Deccan Chronicle  

New Delhi: Under public pressure, SBI on Monday announced that it has revised the minimum Monthly Average Balance requirement to Rs 3,000 against Rs 5,000 in metros and also brought down penalties for non-adherence. The minimum monthly average balance in semi-urban remains at Rs 2,000 and rural at Rs 1,000. Earlier, in the metros, the bank was charging Rs 100 …

State Bank of India reduces penalty for non-maintenance of minimum balance
7 years, 6 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. …

SBI lowers minimum balance requirement to Rs3,000, cuts penalties
7 years, 6 months ago

SBI lowers minimum balance requirement to Rs3,000, cuts penalties

Live Mint  

New Delhi: The country’s largest lender 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 not maintaning such a balance. “We have decided to treat the metro and urban centres in the same category and the requirement of MAB in …

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts
8 years ago

SBI's decision to charge on monthly minimum balance may lead to consolidation of family accounts

Firstpost  

At a time when the accent is on digitisation of payments that is impossible without banking support, the regressive moves of these banking biggies would have the effect of repelling people from the banking habit and retreat to the old habit of piling up cash and paying in cash The state owned State Bank of India rubs shoulders with its …

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty
8 years ago

SBI's monthly average balance hike spares Jan Dhan a/cs; govt asks bank to reconsider penalty

Firstpost  

The government has told State Bank of India to reconsider charges it proposes to levy on cash transactions and ATM withdrawals over specified limits State Bank of India, the country’s largest bank, has decided to increase manifold the minimum balance required for maintaining savings account from 1 April, sparing the Jan Dhan accounts or ‘Basic Savings Bank’ accounts. Savings bank …

SBI announces penalty for non-maintenance of minimum balance from April 1
8 years ago

SBI announces penalty for non-maintenance of minimum balance from April 1

India TV News  

The State Bank of India, country's largest bank, has made it mandatory for account-holders to maintain a minimum balance from April 1 onwards. Making maintenance of Rs 5,000 mandatory for accounts in metropolitan areas, Rs 3,000 in urban areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas, the SBI listed out the charges to be effective from …

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