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March 13, 2018

Important update about SBI's new Minimum Balance Charges 2018

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After the negative news on the income generated on the fees, India's largest lender State Bank of India (SBI) today announced that it has reduced the minimum balance charges for Non-Maintenance of Average minimum balance upto 75 per cent. This move will benefit over 25 crore customers.

New Charges of SBI 2018

  • Charges for non-maintenance of average minimum balance in Metro and Urban centres have been reduced from maximum of Rs 50 per month plus GST to Rs 15 per month plus GST.
  • For Semi-Urban and Rural centres charges have been reduced from Rs 40 per month plus GST to Rs 12 and Rs 10 per month plus GST respectively. 

Required Minimum Balance You should Maintain

For metro cities, initially the minimum balance to be maintained was Rs 5,000, but later in September 2017 the bank brought it down to Rs 3,000. Currently, in urban areas it's Rs 3,000, while for semi-urban and rural areas, it is Rs 2,000 and Rs 1,000, respectively. 

Existing and Proposed Charges of SBI 2018 (effective from 1st April 2018)

This decision follows severe criticism that the bank earned hefty income of Rs 1,771 crore in just 8 months from depositors who failed to maintain balance in their bank accounts. The amount was more than SBI's July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit April-September. 

The revised charges will be effective from April 01, 2018 and will benefit over 25 crore customers. The bank excludes Jan Dhan accounts, basic savings bank deposits (BSBD) accounts, pensioners, beneficiaries of social benefits from the government and accounts of minors from the Minimum Account Balance requirement.

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