SBI Closes 41.16 Lakh Savings Accounts For Not Keeping Minimum Balance

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New Delhi: State Bank of India 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, reveals an RTI query.

Last April, the nation’s largest lender had re-introduced the penal charges on non-maintenance of average monthly balance after a gap of five years. Later in October, it had revised down the charges to some extent.

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“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.

Even though the reply was furnished by the state-run lender on February 28, 2018, the bank today steeply reduced the penal charges on not maintaining the minimum balance.
The reply was to a specific query on the number of accounts being closed after introduction of charges on non- maintenance of minimum balance from 1 April, 2017.

State Bank of India has 41 crore savings bank accounts. Of that, 16 crore are under the Pradhan Mantri Jan Dhan Yojana/basic savings bank deposit (BSBD) and of pensioner, minors, social security benefit holders which are all exempted from the penalty for not maintaining the minimum balance.

Between April and November 2017, the bank had netted a windfall of Rs. 1,771.67 crore, more than its second quarter profit, from customers for non-maintenance of minimum balance, according to the finance ministry data.

Today, the lender reduced its charges for non-maintenance of average monthly balance (AMB) by up to 75 percent.

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