India’s one of the famous money lender may cut down the saving accounts minimum balance requirement for its 27 crore customers.
The State Bank of India is planning to diminish its minimum balance requirement which is Rs 3000 as of now in urban areas, Rs. 2000 in semi-urban areas and Rs. 1000 for the rural areas. But no official announcement yet.
According to the sources, SBI is also planning to change the requirement to quarterly average balance instead of monthly average balance.
This all took place in June 2016 when SBI had increased the minimum required balance to Rs. 5000 to recover their all financial losses. But soon SBI received a backlash from its customer because of their high minimum required balance due to which SBI brought down the limit to Rs. 3000 from Rs 5000.
As per the current rule of SBI minimum required balance, the customer must have to maintain a minimum balance of Rs. 3000, Rs. 2000, Rs. 1000 according to their areas which is divided into three categories as urban, semi-urban & rural area and the same follows monthly. Customers fail to maintain the required minimum balance will have to bear a penalty which leads to deduct a specific amount up to Rs. 100 plus service tax from the customer’s account.