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Centre pleas SBI to amend penalty polices
Posted on: 07/Mar/2017 12:00:24 PM
The state owned State Bank of India has recently announced that penalty will be levied for non-maintenance of minimum balance in customers’ savings account with effect from 1st April. Close to 31 crore account holders will be hit and this caused public criticism from everywhere. Considering these denunciations, the centre has requested the SBI to reconsider the decision.
Further, the centre has also pleaded the SBI and various other banks including private ones to revise their charges towards ATM usage and cash transactions beyond the limit set.
A minimum of Rs 150 per transaction will be imposed towards cash transactions – deposit as well as withdrawal – when done beyond free transactions of four per month, claim statements from HDFC, ICICI and Axis banks.
After about 5 years of break, the SBI has reintroduced charges towards non-maintenance of minimum balance in savings bank on 1st April.
In case of current account, the penalty will be higher and it is Rs 500. There have also been multiple revisions with the threshold for minimum balance and is now Rs 5000 for accounts maintained with metro city bank branches.
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