According to sources the country's largest lender State Bank of India (SBI) has substantially reduced charges for non-maintenance of average monthly balance (AMB) in savings accounts, which would benefit 25 crore banks' customers. Mean an official statement said here that the revised charges would be effective from April 1, 2018. This step is taken keeping in view the feedback from various stakeholders.



PK Gupta, MD, Retail & Digital Banking, SBI stated "They have reduced these charges taking into account the feedback and sentiments of our customers. Meanwhile bank has always focused on keeping the interests of its customers first and this is one of our many efforts towards fulfilling customer anticipations and bank also offers its customers to shift from regular savings bank account to BSBD (Basic Savings Bank Deposit) account on which no charges are levied".

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Accordingly the charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus GST to Rs 15 per month plus GST. Similarly for semi-urban and rural centres the charges have been reduced from Rs 40 per month plus GST to Rs 12 and Rs 10 per month plus GST respectively.

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