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 private sector peers like ICICI Bank and Axis Bank in the rather cramped BSE 30 or Sensex basket. Private sector banks especially the elitist among them might have justification for mandating a minimum default balance of Rs 10,000 in savings accounts at the pain of penalty which they actually levy hungrily. If the cash transactions charges of private sector banks could lead to the elitist customers splitting their money among three or four banks so as to break free of the free cash transactions limit of four a month per bank in what could be termed as a banker’s nightmarish vision of voting with feet, SBI might experience consolidation of family accounts. This despite Jan Dhan account holders having been spared from the Rs 5,000 minimum balance requirement because in Delhi for example in rehabilitation colonies there are a lot of poor people who opened bank accounts even before the Jan Dhan initiative.

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History of this topic

MP CM: Economist Manmohan unaware of zero-balance accounts, but 'chaiwala' knew
3 months ago

MP CM: Economist Manmohan unaware of zero-balance accounts, but 'chaiwala' knew

Deccan Chronicle  

Madhya Pradesh Chief Minister Mohan Yadav on Friday took a swipe at former prime minister and renowned economist Dr Manmohan Singh over zero balance bank accounts.Inaugurating the Civil Service Meet-2024 of MP IAS Association, Yadav said Singh, despite his stellar career as RBI governor, Union finance minister and PM as well as possessing multiple educational degrees, was not aware that …

Gross bad assets of government banks fell from 14.58% in Mar 2018 to 3.12% in Sep 2024: Finance ministry
3 months, 1 week ago

Gross bad assets of government banks fell from 14.58% in Mar 2018 to 3.12% in Sep 2024: Finance ministry

Live Mint  

The government said on Thursday that policy reforms in the financial sector have restored the health of the banking sector, with the gross non-performing asset ratio of public sector banks falling to 3.12% in September 2024 from a peak of 14.58% in March 2018 and 4.97% in March 2015. The marked improvement also saw PSBs record their highest-ever aggregate net …

Over 540 million bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report
3 months, 1 week ago

Over 540 million bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report

Live Mint  

New Delhi: A total of 540.5 million bank accounts have been opened under the government's flagship financial inclusion scheme Pradhan Mantri Jan Dhan Yojana as of November, according to the Inclusive Finance India Report 2024. Launched on Thursday at the Global Inclusive Finance Summit 2024 in Delhi, organised by ACCESS Development Services, the report noted the accounts have a total …

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, …

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 …

‘Significant milestone’, says PM Modi as Jan-Dhan accounts cross 500 million
1 year, 7 months ago

‘Significant milestone’, says PM Modi as Jan-Dhan accounts cross 500 million

Hindustan Times  

Prime Minister Narendra Modi on Saturday said it is a “significant milestone” that the flagship scheme for financial inclusion – Pradhan Mantri Jan-Dhan Yojana – has crossed 500 million, with 56% of bank accounts belonging to women and 67% of those opened in rural and semi-urban areas. Prime Minister Narendra Modi Read here: PM Modi focused on unorganised sector to …

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 …

Zero-Balance Account with ATM Card, Rs 2 Lakh Insurance. Know Which Banks are Offering
3 years, 2 months ago

Zero-Balance Account with ATM Card, Rs 2 Lakh Insurance. Know Which Banks are Offering

News 18  

Pradhan Mantri Jan Dhan Yojana: To facilitate financial inclusion, the government of India has launched the Pradhan Mantri Jan Dhan Yojana in 2014. Here are the benefits that an individual gets when he or she opens a Jan Dhan account under the Pradhan Mantri Jan Dhan Yojana: – The account holder can get to avail an overdraft facility after six …

PM Jan Dhan Yojana: Redefining Financial Inclusion, the Narendra Modi Way
3 years, 2 months ago

PM Jan Dhan Yojana: Redefining Financial Inclusion, the Narendra Modi Way

News 18  

Pradhan Mantri Jan Dhan Yojana was launched on August 28, 2014, with the objective to ensure accessibility to various financial services like availability of basic savings bank account, need-based credit, remittance facility, insurance, micro-credit and pension to the excluded sections, which includes the weaker sections and low-income groups. The Jan Dhan Revolution Coming back to Jan Dhan, more than 44.34 …

SBI Customers can Get up to Rs 2 lakh Free Benefits. Know What You Need to do
3 years, 4 months ago

SBI Customers can Get up to Rs 2 lakh Free Benefits. Know What You Need to do

News 18  

State Bank of India or SBI constantly comes up with new solutions for the benefits of its customers. To avail the scheme, customers either have to open a Pradhan Mantri Jan Dhan Yojana account in the bank or they have to have the account from before. This is aimed to provide various financial services like availability of basic savings bank …

Jan Dhan Accounts Swell to 43 Cr with Total Deposits Over Rs 1.46 Lakh Cr
3 years, 6 months ago

Jan Dhan Accounts Swell to 43 Cr with Total Deposits Over Rs 1.46 Lakh Cr

News 18  

New Delhi: Bank accounts under Pradhan Mantri Jan Dhan Yojna have increased to 43 crore with total deposits over Rs 1.46 lakh crore, the finance ministry on Saturday said as the government's flagship financial inclusion scheme completes seven years of implementation. Out of total 43.04 crore PMJDY accounts, 36.86 crore or 85.6 per cent are operative, and the average deposit …

7 years of Jan Dhan Yojana and how it is changing lives of the poor: 43.04 crore beneficiaries with Rs. 146,230.71 cr in deposits
3 years, 7 months ago

7 years of Jan Dhan Yojana and how it is changing lives of the poor: 43.04 crore beneficiaries with Rs. 146,230.71 cr in deposits

Op India  

There was a time when having a bank account was considered a luxury by the poor and marginalized. Jan Dhan Yojana’s role in women empowerment According to a recent report published by Women’s World Banking and Bank of Baroda titled “The Power of Jan Dhan: Making Finance Work for Women in India”, 55% of PMJDY accounts are owned by women …

SBI’s Benefits Of Up To Rs 2 Lakh To Jan Dhan Account Holders. Know All Details
3 years, 8 months ago

SBI’s Benefits Of Up To Rs 2 Lakh To Jan Dhan Account Holders. Know All Details

News 18  

Customers who have their Jan Dhan accounts in the State Bank of India are eligible to enjoy free insurance benefits of up to Rs 2 lakh. SBI provides life insurance cover of Rs 2 lakh to the Jan Dhan account holders with RuPay debit cards. The insurance amount is Rs 1 lakh for customers who opened their accounts before August …

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 …

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 …

IBA directs banks to deposit Rs 500 in Jan Dhan accounts held by women starting today
4 years, 11 months ago

IBA directs banks to deposit Rs 500 in Jan Dhan accounts held by women starting today

Firstpost  

Indian Banks’ Association has directed all banks to start depositing Rs 500 per month into Jan Dhan Yojana accounts held by women starting 3 April. Beneficiaries with 0 and 1 as the last digits of their Jan Dhan account numbers can withdraw money on 3 April. Women account holders whose account numbers end with digits 8 or 9 can withdraw …

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 …

This SBI zero balance account can be opened even without KYC documents
5 years, 3 months ago

This SBI zero balance account can be opened even without KYC documents

Live Mint  

The State Bank of India offers a zero balance savings account, which can be opened by customers even without having know-your-customer documents. SBI's Basic Savings Bank Deposit Small Account or SBI small account can be opened by anyone who does not have valid KYC documents, provided he or she is above 18 years of age, the lender said on its …

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 customer attention! Know how much balance you need to keep in savings account or pay hefty penalty
5 years, 5 months ago

SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty

India TV News  

The country's largest lender State Bank of India has revised the minimum balance rules that all customers should know. The customers who hold savings accounts at metros or semi-urban branches are required to maintain an average monthly balance of Rs 3,000, according to the lender's corporate website - sbi.co.in. 1,000 Penalty Charges Applicable In SBI Metro And Urban Branches Shortfall …

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 …

SBI large savings accounts to fetch lower interest rate, short-term loans get cheaper
5 years, 9 months ago

SBI large savings accounts to fetch lower interest rate, short-term loans get cheaper

Live Mint  

The interest rate offered by SBI on large savings accounts will go down from today, after Reserve Bank of India cut its repo rate by 25 basis points to 5.75%. From May 1, SBI had moved to a new interest rate regime on large savings account deposits as well as short-term loans. SBI has linked its interest rate on savings …

Jan Dhan Yojana’s triumph shows financial inclusion gaining pace; scheme a launching pad for success of DBT, other products
5 years, 10 months ago

Jan Dhan Yojana’s triumph shows financial inclusion gaining pace; scheme a launching pad for success of DBT, other products

Firstpost  

Allegations of large-scale misuse of Jan Dhan accounts by black money hoarders seeking to convert their illegitimate wealth in cash during demonetisation are yet to be proved. The aggregate deposits in the Pradhan Mantri Jan Dhan Yojana accounts are currently close to Rs 1 lakh crore, having grown ten-fold from the Rs 10,500 crore in the first phase of the …

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 : …

Deposits in Jan Dhan accounts set to cross ₹90,000 crore
6 years, 1 month ago

Deposits in Jan Dhan accounts set to cross ₹90,000 crore

Live Mint  

Total deposits in Jan Dhan accounts are set to cross ₹90,000 crore with the government making the flagship financial inclusion programme more attractive especially by doubling accident insurance cover to ₹2 lakh. According to data from the finance ministry, the deposits, which have been steadily rising since March 2017, have already reached ₹89,257.57 crore as on January 30, and are …

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 reaps profit as 32 per cent of total 300 million people open accounts with them under Jan Dhan Yojana
6 years, 4 months ago

SBI reaps profit as 32 per cent of total 300 million people open accounts with them under Jan Dhan Yojana

Op India  

Pradhan Mantri Jan-Dhan Yojana enrolled around 300 million people from the lower-income groups in the banking system in 1 year. Of the almost 32 crore bank accounts opened by all banks under the Pradhan Mantri Jan-Dhan Yojana scheme, as high as 10.5 crores or a third of them were opened by State bank of India. Pradhanmantri Jan Dhan Yojana enrolled …

Know why SBI reduced ATM withdrawal limit to Rs 20,000
6 years, 5 months ago

Know why SBI reduced ATM withdrawal limit to Rs 20,000

India Today  

With an aim to reduce the rising number of ATM fraud cases and give a boost to digital transactions, the State Bank of India halved the daily ATM withdrawal limit from Rs 40,000 to Rs 20,000. "In view of the increase in the number of complaints received by banks around fraudulent transactions at ATMs and to encourage digital and cashless …

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 …

Govt slashes minimum annual deposit requirement for Sukanya Samriddhi account to Rs 250 from Rs 1,000 earlier
6 years, 7 months ago

Govt slashes minimum annual deposit requirement for Sukanya Samriddhi account to Rs 250 from Rs 1,000 earlier

Firstpost  

The interest rate on Sukanya Samriddhi account is revised every quarter, just like other small savings schemes and PPF. New Delhi: The government has slashed the minimum annual deposit requirement for accounts under the Sukanya Samriddhi Yojana to Rs 250 from Rs 1,000 earlier, a move that will enable more number of people to take advantage of the girl child …

Sukanya Samriddhi Account: Minimum annual deposit requirement slashed to Rs 250
6 years, 7 months ago

Sukanya Samriddhi Account: Minimum annual deposit requirement slashed to Rs 250

India TV News  

In a move that will encourage more people to take the advantage of Sukanya Samriddhi Yojana, a deposit scheme meant for the girl child, the government has slashed the minimum annual deposit requirement to Rs 250 from the previous Rs 1000. The government has amended the Sukanya Samriddhi Account Rules, 2016, to state that the minimum initial deposit to open …

India needs Jan Dhan, and not just Jan Dhan accounts
6 years, 9 months ago

India needs Jan Dhan, and not just Jan Dhan accounts

Live Mint  

In the run-up to the 2019 general election, the Bharatiya Janata Party has started its media blitz, outlining the achievements of the last four years. Under tremendous pressure from the top to reach targets of new bank accounts, bank employees and bureaucrats opened fake accounts, or converted existing accounts into Jan Dhan accounts. The World Bank Group’s Global Findex Database …

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 …

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