State Bank of India or SBI has said it is exempting its customers
holding certain account types from maintenance of average monthly
balance.
Such accounts include small savings bank accounts, basic savings bank
accounts and Jan Dhan accounts, or the accounts opened under the
government’s financial inclusion scheme Pradhan Mantri Jan-Dhan Yojana
or PMJDY.
This was said in a tweet by the bank, which recently adopted a new brand
identity after merger with five associate banks and Bharatiya Mahila
Bank. SBI had earlier decided to increase the minimum balance required
for maintaining savings accounts from April 1, hitting 31 crore
depositors including pensioners and students.
Besides, State Bank of India is also offering corporate salary accounts
without the requirement to maintain minimum monthly balance.
The monthly average balance (MAB) requirement was increased to as high as Rs. 5,000 for branches in six metros. In case of non-compliance, savings bank account holders will invite a penalty ranging from Rs. 20 (in rural branches) to Rs. 100 (in metro cities), as per the bank’s website.
Here are some of the other features SBI offers under these accounts, according to its website.
Small savings bank account
SBI’s small savings bank account has a maximum balance limit of Rs. 50,000
and offers a rate of interest applicable to savings bank accounts.
Account holders get an ATM-cum-Debit card, issued free of cost and
without any annual maintenance charge, as per the SBI website. All
credits in a financial year should not aggregate to more than Rs. 1 lakh and Rs. 10,000 in case of withdrawals and transfers.
Basic savings account
SBI’s basic savings account has no minimum balance or maximum balance
limits. Holders of this account type “will not be eligible to open any
other Savings Bank Account” at the bank. Such an account – in case the
customer already holds one – will have to be closed within 30 days of
opening the basic savings bank deposit account.
Corporate salary package
SBI’s salary account under corporate salary package offers many benefits
to the employer and the employee alike. This account type reduces
employer’s paperwork and salary administration cost. Employees get free
internet banking and mobile banking services, among other features, as
per the SBI website.
Source: NDTV
