SBI collects Rs235 crore in minimum balance fine in 1st quarter

Indore: According to the inquiry, the National Bank of India (SBI) has already achieved a fine of Rs. 35.576 billion, and Rp.38.74 billion can not maintain the average monthly balance for the first quarter of the current fiscal year.

In response to the application submitted by Nemuch's RTI activist Chandrashekhar Gaud, SBI states as follows. "

He said that this information was provided by Deputy Director of Banking in Mumbai.

However, activists said the country 's top banks did not reveal the types of accounts that were fined because they violated the minimum balance requirement

Golder urges state lenders to reconsider their policy to fines the interests of poor account holders on not complying with minimum balance requirements

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

The decision was severely criticized and the bank received a huge sum of 17.71 billion rupees from depositors in only eight months and depositors failed to maintain their balance in the bank account . This amount will exceed SBI's net profit of 158,155 million rupees in the July-September quarter and will be nearly half of the net income of 3,586 rupees in April-September. In October last year, SBI did not maintain monthly average balance at 20 to 50%, so we reduced service fees. Previously, due to the lack of average balances, metro and urban customers were charged between 40 rupees and 100 rupees. This penalty will decrease to 30-50 rupees. Charges for sub-urban and rural areas have also been changed from 25 to 75 rupees to 20 to 40 rupees.

As early as that day, SBI will increase the minimum balance required to maintain a savings account from April 1, affecting over 3.1 billion bank account holders, including pensioners and students Said it had decided. Fines for breach of MAB plan will be reintroduced after 5 years

From 1st April, SBI ordered to maintain a minimum balance of at least 5,000 rupees in savings bank accounts in big cities, 3,000 rupees in urban areas, 2,000 rupees in medium cities and 1,500 rupees in rural areas. He stated that the remaining fine will be used to collect other banking fees, including the relationship with Aadhaar. "In a savings bank account of 2.7 billion rupees (270 million rupees) that needs to meet the minimum balance requirement, there is a possibility that there is no balance in about 20% of the account. People, we regained a fine in June, "he said.