Centre asks SBI to review minimum balance penalty

In a big mess of banks' sharp increase in cash transaction costs, the government to SBI, the country's largest bank, to review the decision to fine the minimum balance of noncontinuing accounts that began in April I asked.

According to Treasury sources, the government is also expecting that public sector banks will review proposed fees for cash deposits and withdrawals beyond the stated limits.

SBI recently announced that it will impose a fines of Rs. 20 to 100 for the non-maintenance minimum average balance (MAB) of savings bank accounts from April.

In addition, for bank accounts with branches in six major cities including Delhi and Mumbai, banks raised the minimum balance requirement to thousands of rupees.

Currently, the lowest average savings account is 500 rupees, there is no check book, there is a checkbook of 1000 rupees nationwide.

SBI has decided to set individual minimum average balances for metro, urban, semi urban, and rural areas since next fiscal year. At the initiative of the market-leading SBI, other public sector banks will adopt similar transaction fees and penalties.

Some private banks such as HDFC and ICICI have increased cash handling fees and the government may encourage them to cut costs. Since they do four free transactions per month, they are beginning to charge at least 150 rupees for cash deposits and withdrawals per transaction.

"The government wants to review the plan to raise the fee to SBI, other banks should also be reasonable," one official said.

In the merger plan of member banks and SBI, the decision to claim higher fees will also affect the customers of these banks. The five related banks of SBI - Bikaner and Jaipur National Bank, Travancore National Bank, Mysore National Bank, Patiala National Bank and Hyderabad National Bank - merge with the parent company SBI in April.

On Monday, the government asked Indian Central Bank (SBI) to reconsider the decision to not support the minimum balance of accounts since April 1 based on source. It also requests banks, including private banks, to review cash transactions and ATM withdrawals exceeding certain limits. This is because the National Bank of India, the largest bank in India, did not maintain the monthly average balance of the account, so we decided to restore the cost of the savings account holder. According to the PTI report, the bank had canceled the minimum balance standard of savings bank account several years ago to attract new customers. According to the document, the monthly average monthly balance (MAB) service fee that is not under maintenance will be revised from April 1, 2017.

Providing Consumer Support: The government asked the SBI to review the fine and asked the bank to reexamine the transaction costs

National Bank of India (SBI) said on Friday that it is considering changing the minimum balance and fine of that account. As a result of collective counterattacks from customers that SBI failed to maintain the monthly average balance of savings accounts during the eight months from 2017 to 18, this move exceeded 1,771.67 rupees (the second quarter It was more than profit). Currently, banks have different monthly average balance (MAB) requirements for accounts held in different types of branches. These are subway, village, city and half city