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Changes to Rule of Keeping Minimum Balance in SBI Account
Public sector Indian State Bank (SBI) is reviewing the deduction for the savings account for not keeping minimum balance. On Sunday, it was informed by the country's leading bank that SBI would review the charges for not charging monthly average amount in the accounts after the reactions received by the customers. There is a lot of resentment in the consumers if the minimum balance is not kept on the deduction. Only after SBI, other public sector banks have also applied the term balance balance.
Rajneesh Kumar, MD (National Banking Group) of the bank said, "We have received customer feedback in this regard. They are being reviewed. The bank will take any reasonable decision keeping in view these. We are considering at the internal level whether the fees should be changed for certain categories like senior citizens or students. These fees are never a stone racket. '
SBI had applied the fee again after the five-year interval in April this year for not keeping the minimum balance. Under this, there was a provision of charging up to 100 rupees and charging up to 18 percent GST if the monthly average minimum balance was not maintained in the account. Minimum balance in urban areas was fixed at Rs 5,000. GST, with 50 rupees charge, is reduced to 50% of its cost. This balance is being reduced by 75 percent and 100 percent GSAT and 18 percent GSAT is being recovered. Minimum balance for rural areas is fixed at Rs.1000. It does not keep it from 20 to 50 bucks and GST is coming together.
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Rajneesh said that the bank has over 40 crore savings accounts (savings account). Out of these, 13 crore accounts are under Basic Savings Deposit or Pradhan Mantri Jan Dhan Yojana. Both these types of accounts are excluded from the minimum balance. Of the remaining 27 crore account holders, 15 to 20 percent of the people do not have the minimum monthly average amount. The bank has recovered Rs. 235 crores as the minimum balance charge of May.
The United Front of Bank Unions, the top organization of all Bank Employees' Associations, has sought Finance Minister Arun Jaitley to intervene in this matter so that the charges imposed on the customers can be withdrawn. Members of the union have also demanded to stop the merger of government banks.
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