SBI closes 41.16 lakh savings accounts for non-maintenance of minimum average balance

SBI reduces penalty for non-maintenance of minimum average balance; here's how to calculate itAmid reports of the country’s largest lender State Bank of India lowering of maintenance of monthly average balance (MAB) charges to Rs 15 per month on Tuesday, a reply to an RTI query has revealed that the bank has closed as many as 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the average monthly balance.
The bank had re-introduced the penal charges on non-maintenance of average monthly balance after a gap of five years, last April charging up to Rs 100 as penalty. Later in October, it had revised down the charges to some extent.
“Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between April 1, 2017 and January 31, 2018,” the bank replied to an RTI query filed by Chandra Shekhar Gaud from Neemuch in Madhya Pradesh.

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