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 over a year. So if you cannot conform to minimum account balance rules, move from a regular savings account to a Jan Dhan account or basic savings bank deposit account. According to a report in The Times of India, the decision to waive off closure fee will make it easier for customers who can’t afford a minimum balance to close the account.

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History of this topic

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 clarifies on excessive charges on transactions in zero-balance accounts
3 years, 11 months ago

SBI clarifies on excessive charges on transactions in zero-balance accounts

Hindustan Times  

The State Bank of India on Thursday released a clarification on reports stating that the bank, along with several others, has been levying ‘excessive charges’ on some services provided to those with zero-balance accounts or Basic Savings Deposit Accounts. SBI has stopped recovering charges in such accounts on all digital transactions w.e.f. According to the Reserve Bank of India's decision …

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 …

SBI zero balance savings account: 10 things to know
5 years, 2 months ago

SBI zero balance savings account: 10 things to know

Live Mint  

Top lenders including State Bank of India, ICICI, HDFC Bank and Axis Bank, among others provide zero balance savings facility for their account holders. Here is all you need to know about SBI zero balance savings account: 1) SBI BSBD account can be opened by all individuals having valid know-your-customer documents. 5) There is no cheque book facility available with …

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 …

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, …

No-frills accounts can get SB facilities free
5 years, 9 months ago

No-frills accounts can get SB facilities free

Deccan Chronicle  

Mumbai: In a bid to deepen financial inclusion, the Reserve Bank of India on Monday listed several services that banks will have to offer free of cost to account holders of ‘Basic Savings Bank Deposit account’, without any stipulation of a minimum balance. The minimum free withdrawals available to the BSBD account holders can be made at all ATMs, including …

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 : …

Explained: How to open SBI zero balance savings account
6 years, 4 months ago

Explained: How to open SBI zero balance savings account

Live Mint  

New Delhi: A State Bank of India Basic Savings Bank Deposit account can be opened and maintained even with a zero balance. The SBI Basic Savings Bank Deposit account is also known as zero balance account and can be opened by any individual provided he/she has valid Know-Your-Customer documents. The SBI zero balance savings account or SBI basic savings bank …

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 …

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 …

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, 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 …

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. …

SBI lowers minimum balance requirement for savings accounts in metros to Rs 3,000; pensioners, minors exempted
7 years, 5 months ago

SBI lowers minimum balance requirement for savings accounts in metros to Rs 3,000; pensioners, minors exempted

India TV News  

State Bank of India on Monday said it has lowered minimum balance requirement for savings account in metro cities to Rs 3,000 from the current Rs 5,000. "The requirement of MAB in metro centres stands reduced to Rs 3,000 For non-maintenance of Monthly Average Balance, the charges have also been revised downward ranging from 20 per cent to 50 per …

SBI lowers minimum balance requirement to Rs3,000, cuts penalties
7 years, 5 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 to charge for breach of minimum balance from 1 April; revise charges on ATMs, other services
8 years ago

SBI to charge for breach of minimum balance from 1 April; revise charges on ATMs, other services

Firstpost  

The Reserve Bank has permitted banks to levy charges for breaching minimum balance limit. After a gap of five years, State Bank of India has decided to reintroduce penalty on non-maintenance of minimum balance in accounts from April 1, and revised charges on other services, including ATMs. The country’s largest bank will permit savings bank account holders to deposit cash …

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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