(Rs. 3000 now) SBI to charge for breaching monthly average balance in saving accounts

[Sam7795]

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[Jithin91]

Convert your SBI Savings Account to Basic Savings Account ( BSBD Account ) and avoid MAB

Existing account holders are not required to open fresh account under to Basic Savings Bank Deposit Account(PMJDY Account).The existing Savings bank account holders can convert their Account to Basic Savings Bank Deposit Account(PMJDY Account).A simple one page application has to be filled in by the customer and submit at the Home Branch, where he/she is maintaining the Account.

RuPay Debit cards can be issued against existing accounts without Annual Maintenance fees All RuPay Debit Cards carry an in-built accidental insurance upto Rs. 1 lac.

Application for converting existing Savings Account to PMJDY(basic Savings Bank Deposit) Account below:

 

[Jithin91]

BASIC SAVINGS BANKDEPOSIT ACCOUNT ( BSBD Account ) SBI

This account can be opened by any individual provided he/she has valid KYC documents. Primarily meant for poorer sections of society to encourage them to start saving without any burden of charges or fees.

Eligibility
As applicable to regular Savings Bank Account

KYC requirement
The account will be KYC compliant.

Mode of Operation
Singly, jointly, or with Either or Survivor, Former or Survivor, anyone or Survivor etc. facility.

Available at
All branches

Minimum balance amount
NIL

Maximum balance /amount
No upper limit

Rate of Interest
As applicable to Savings Bank Accounts

Operations in the Account
Using withdrawal forms at Branches or through ATMs.
Basic RuPayATM-cum-debit card will be issued

Service Charges
Basic RuPay ATM-cum-Debit card will be issued free of cost and no annual maintenance charge will be applied.
Receipt/ credit of money through electronic payment channels like NEFT/RTGS will be free
Deposit/ collection of cheques drawn by Central/State Government will be free
No charge on activation of inoperative accounts
No account closure charges

Most Important Terms & Conditions
The Customer cannot have any other Savings Bank Account, if he/she has a Basic Savings Bank Deposit Account. If the customer already has a Savings Bank Account, the same will have to be closed within 30 days of opening a Basic Savings Bank Deposit Account.
Maximum 4 withdrawals in a month, including ATM withdrawals at own and other Bank's ATMs and transactions through other mode including RTGS/NEFT/Clearing/Branch cash withdrawal/transfer/internet debits/standing instructions/EMI, etc. No further customer debits would be allowed during the month.

To Open a New Account Online : Apply Now Online

 

[harshbardhan]

Will it make any difference?

SBI reviewing minimum balance charges for savings accounts

 

[Sam7795]

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[Jithin91]

SBI revises service charges on maintaining monthly average balance w.e.f. 1/10/2017

State Bank of India (SBI) has reviewed the requirement of maintaining Monthly Average Balance (MAB) and the charges for non-maintenance of MAB. In this context SBI would like to state that financial inclusion including JAN DHAN Accounts have never been subject to any charges. In respect of the rest, it has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors. Therefore, this is in addition to the already exempted categories under PMJDY accounts and Basic Savings Bank Deposits Accounts (BSBD).

The Bank has also decided to treat the metro and urban centres in the same category and the requirement of MAB in metro centres stands reduced to Rs.3000/- . For non-maintenance of MAB, the charges have also been revised downward ranging from 20% to 50% across all population groups and categories. The charges at semi-urban and rural centres range from Rs.20/- to Rs 40/- and at urban and metro centres from Rs 30/- to Rs 50/-. The revised MAB requirement and charges will become applicable from the month of October 2017.

For more details visit: bit.ly/2xF0EM2

 

[Sarkar]

Good move

 

[Jithin91]

Good move

amount nt changed for Urban, Semi Urban, Rural.. only fine % is decreased
It should be 1000 for Urban and Semi Urban, 500 for Rural

 

[Sarkar]

amount nt changed for Urban, Semi Urban, Rural.. only fine % is decreased
It should be 1000 for Urban and Semi Urban, 500 for Rural

Someone else will come up and say it should be Rs500 for urban and semi urban and 100 for rural some other guy will come up with some different rupee value so expectation never comes down.

Now I said good news bcoz " It has now been decided to exempt the pensioners, beneficiaries of social benefits from the Government and accounts of Minors along with Zero balance account "

Earlier this clause was not there

 

[Jithin91]

Someone else will come up and say it should be Rs500 for urban and semi urban and 100 for rural some other guy will come up with some different rupee value so expectation never comes down.

Amount only decreased for Metro Cities.. How many metro cities are there in India..?
Nd most of the cities and towns come under Urban area.. Even my place is a small town, and according to SBI its Urban area and my MAB is 3000
Nd Metro and Urban comes under same slab from now.
Let's take Mumbai as a metro city.. According to SBI, Mumbai City and Palakkad Town (my place) is same.. Compare the population of both.

Some new accounts are exempted and thats a welcome news.