Maintenance of minimum balance in State Bank of India with the following type of accounts not mandatory anymore. SBI recently adopts new brand identity after merging with 6 banks.
New Revised Features:
1. SBI’s small, basic savings accounts exempted from maintaining a minimum balance.
2. Not mandatory for Jan-Dhan accounts, corporate salary accounts also.
As reported by NDTV, STATE BANK OF INDIA or SBI said it’s exempting its customers holding certain accounts from maintaining average monthly balance. Accounts such as small savings bank accounts, basic savings bank accounts and Jan Dhan accounts, or the accounts opened under the government’s scheme Pradhan Mantri Jan-Dhan Yojana or PMJDY.
This was tweeted by SBI, which recently adopted brand new identity after merging with 5 associate banks and Bharatiya Mahila Bank. SBI had recently announced to increase the minimum balance required to maintain these savings accounts from April 1, hitting its 31 crore depositors including pensioners and students.
SBI is also offering corporate salary accounts without minimum monthly balance.
The Monthly Average Balance(MAB) earlier was increased to Rs. 5000 for branches in 6 Metros. In the case of the non-compliance of the revised amount, the holders will be fined ranging from Rs.20(in rural branches) to Rs.100 (in metro cities) as per the bank’s website.
Some of the Features revised by the Bank on 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 the savings account.The 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 collectively should not exceed to more than Rs. 1 lakh and Rs. 10,000 in the case of withdrawals and transfers.
Basic savings account
SBI’s basic savings account has no minimum or maximum balance limit. These account holders “will not be eligible to open any other Savings Bank Account” at the bank. In case the customer already holds such an account, it will have to be closed within 30 days of time limit from the opening of the basic savings bank deposit account.
Corporate salary package
SBI’s salary account under corporate salary package offers similar benefits to the employer and the employees. The employer’s paperwork and salary administration cost are reduced in this type of account. Free internet banking mobile banking services, among other features, are also offered to the employees, as per the SBI website.