SBI has revised the Penalty on the minimum account balance.
The State bank of India had been considered as one of the best banks of India that stuck its hands with the common citizens and helped to light up their lives. Probably that happened once upon a time!
After the demonetization and implement of GST, the SBI which was once known as the bank of common men started to show up its another phase of tyranny. It had revised the account holders minimum account balance maintenance commencements and just hiked it all at once across the nation from Rs. 500 to Rs 5000 and later reduced to Rs. 3000. The bank strictly collected penalties from the account holders who have failed to maintain the minimum account balance. The bank started to experience a huge sum of income only from the penalties from its 200 million customers.
Following the SBI, the minimum account balance had been revised by many other banks all over India. This act of revision had made the citizens of India to worry the most. Banks have been blamed by the commons as they are stealing the poor people money and laundering with the rich. But the banks kept their mouths shut for a long time about the crisis they have done to the poor and the middle-class community of their customers.
Now again the SBI revised the penalty amount over the maintenance of minimum account balance but this time the SBI has done a favor for its customers by reducing the penalty amount. Now again the act has been welcomed by the SBI customers.
|Metro and Urban SBI Accounts||Reduced Minimum Account Balance||Current Penalty||Revised Penalty (from April 2018)|
|50% maintenance||RS. 3000||RS.30+GST||Rs. 10+GST|
|From 50%-75% maintenance||RS. 3000||RS.40+GST||Rs. 12+GST|
|Below 75% maintenance||RS. 3000||RS.50+GST||Rs. 12+GST|
|Semi-Urban SBI Accounts||Reduced Minimum Account Balance||Current Penalty||Revised Penalty (from April 2018)|
|50% maintenance||RS. 2000||RS.20+GST||Rs. 7.5+GST|
|From 50%-75% maintenance||RS. 2000||RS.30+GST||Rs. 10+GST|
|Below 75% maintenance||RS. 2000||RS.40+GST||Rs. 12+GST|
|Rural SBI Accounts||Reduced Minimum Account Balance||Current Penalty||Revised Penalty (from April 2018)|
|50% maintenance||RS. 1000||RS.20+GST||Rs. 5+GST|
|From 50%-75% maintenance||RS. 1000||RS.30+GST||Rs. 7.5+GST|
|Below 75% maintenance||RS. 1000||RS.40+GST||Rs. 10+GST|