For Quick Alerts
For Daily Alerts

SBI may Slash Minimum Balance Requirement for Savings Account

By Olga

Data collected by the finance ministry showed that SBI collected Rs. 1,771.67 crore as penalty from customers for non-maintenance of monthly average balance in savings accounts during April to November 2017. The bank faced a backlash on the news and is likely to cut its minimum balance requirement.

SBI may Slash Minimum Balance Requirement for Savings Account

The current balance requirements are Rs. 3000 for metros, Rs 2,000 for semi-urban areas and Rs. 1,000 for rural areas.

SBI's Rs. 3000 requirement is higher than that of other banks but lower than the private banks like ICICI, HDFC, and Axis, which require a minimum of Rs. 10,000 as minimum balance on savings accounts.

The State Bank of India is said to have been calculating the impact of charges it has imposed and is likely to revise it for customers accordingly.

Story first published: Friday, January 5, 2018, 12:13 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more