Bank Savings Account Minimum balance rule changed
Bank Savings Account Minimum balance rule changed
So, SBI savings account holders need not worry about maintaining minimum account balance limit from tomorrow. But, those who don’t have their savings account in SBI, need to check the minimum balance limit rule and whether it will be applicable on them from 1st July, 2020. They can either check their respective banks’ websites and find out the minimum balance limit rule applicable from tomorrow or they can call the customer care number of their banks.
In a major initiative to bring customer delight and a hassle free banking experience, country’s largest lender SBI decided to waive off maintenance of Average Monthly Balance (AMB) for all Savings Bank Accounts in March 2020. This initiative as told by the bank was aimed at boosting Financial Inclusion in the country. The charges on maintaining AMB are now waived off on all 44.51 crore SBI savings bank accounts. Prior to that, SBI Savings Bank customers’ were required to maintain AMB of Rs 3000, Rs 2000 and Rs 1000 in Metro, Semi Urban and Rural areas respectively. Like any other bank, SBI also used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of AMB.
So, those bank savings account holders who don’t have their account in SBI, should immediately check out about their bank’s AMB rule and avoid any kind of penalty being levied by their bank for not maintaining the average minimum balance.
Every bank should go for 0 balance account.
ReplyDeleteSBI is the worst bank because their employees don't care the customers. It is my personal view. Please share yours.
DeleteCompare to IOB,SBI is still better if you go to any branches of IOB you will realise
DeleteBetter government can do it privatisation.than only employee knows what is the real work other wise they least bothered to public.
DeleteGood example SBI. ISRO layout branch.
SBI all employee(top to bottom) r slipping people. not care for better improvement or business.
DeleteWhen in SBI net banking everything is possible to do sitting at home, in addition to that the bank has installed number of kiosk for withdrawal and disposition of money, what is the reason to visit the bank frequently? If anybody likes to see a beautiful lady staff of any branch, that is different.
DeletePay some good interest, automatically balance maintain by account holder
ReplyDeleteSab sale mc bc h pubulic ki asi tesi krne me lge h
DeletePl... do mot use such ..... after all your language showes you class
Delete. Be a different porson ..
Pay some good interest, automatically balance maintain by account holder
ReplyDeleteyes
DeleteSBI employee r total lazy group people. they don't care general customer.
DeleteThere are people who even not able to maintain minimum balance, now putting more burden to them , ???
DeleteIt’s bank & govt duty to support them , just publishing jan-Dhan- account is not sufficient
When any bank makes the customer to maintain the minimum balance then the bank has to pay the interest on that minimum balance at the maximum rate as for the longest term fixed deposit.
DeleteEven the Govt. banks changes their rule as per their whims, without considering common man's interest. It should be Zero balance account for the accounts people started under PM Narendra Modi's initiative. It is shame that these banks started charging minimum balance penalty on these accounts also. Govt. banks should also not charge ATM usage fees.
ReplyDeleteThey change rules unchallenged. Remove Nirmala Sitaraman as FM and bring in Subramaniam Swami as FM. All her wrong decisions is damaging Narendra Modi's hard earned image.
All I could recall only one positive thing did by Nirmala Sitaraman is teaching few Chinese soldiers how to say Namaste in Hindi. she should be immediately replaced, how ever hardworking she may be, her policies and ideas are not working.
Banks are very liberal with crooked Industrialists, they give crores in loan by keeping their logo and brand name as security ( You will not be able to buy a bag potates with the security kept by the bank ).
If ordinary citizen defults one or two housing loan installments they are very harsh on them during this difficult pandemic period after demonitization. My stubborn bank manager wiped off balance from my account leaving just 34 paise in my account, I am supposed to run a MSMI.
true
DeleteI LIKED YOUR VIEWS. LET THE RBI BRING BACK BLACK MONEY.
DeleteONE CANNOT AFFORD to MAINTAIN A BALANCE IN INDIA. INDIANS HAVE LOST FAITH IN BANKS.
WHAT TO TELL THESE PEOPLE THEY DONT THINK ABOUT COMMON MAN.
THE GOVT SALARIED EMPLOYEES BE MADE TO MAINTAIN BALANCE.
yes, true. This government is not for the common people specially for the middle class.
DeleteJumla government
DeleteBlackmoney is hidden in private societies . RBI should put some restrictions or put administrator in private societies . Most of them are handled by fraud people. Most of them are formed to take advantage by director s . Most of the societies are involved in looting common man savings or looting gold ornaments
ReplyDeleteNow a days no rules and regulations? What ever they think, they will do it. Rs12/= for insurance charge for what? This only for some corporate goons. If SBI semi rural account less than Rs1out of Rs 2000 they will deduct some penalty. The comman man suffering from the bankers malfunctioning.
ReplyDeletethis is welcoming announcement as largest Bank in India and Further I humbly request SBI to implement THIRUARUTPA guidlines as redistribute all balance in all account holder equally and maintain equal balance every day and all can view all the account balance of public to public all and eradicate WELATHY and implement THAYAVU KINDRNESS TO ALL
ReplyDeleteI am not satisfied with axis bank since AMB is so high and also their bankers not cooperating to me regarding any aspect of banking.
ReplyDeleteMy sincere request is to financial minister to order every bank should go for 0 balance maintain account till the {Corona} situation gets normal.
ReplyDeleteIT IS PUBLIC MONEY.
DeleteWE ARE SUPPORTING BANKS BY DEPOSITING SAVING ETC
PUT NO RESTRICTIONS
My suggestion not need this rules
ReplyDeleteOnly solution to avoid harassment by banks,
ReplyDeleteClose the account if it is not
Necessary or don't keep your money above minimum
Balance..
One time will come people will choose other option rather than banking industry
DeleteMy daughter had bitter experience during this pandemic covid 19. M/s. HDFC bank credited Rs. 10k in her SB a/c as against her credit card without her soliciting the same in the month of May 2020. When they contact she politely replied she is not in need of loan and hence they can debit her account. But without heeding they prolonged and harrassing her with penalty of Rs. 1953/- against loan of rs. 10k. See the exorbitant rate of interest in this hour pandemic taking and exploiting innocence of youth. I learn that this so called private sector banks thrive only on innocence these software professional youth who have no knowledge of financial discipline. Our country should stop chasing US or chinese economy. Mere VOCAL FOR LOCAL will be only rhetoric It is time we look inward as our country is bestowed with enough resources and talent. Any Govt at center or state is not bothered about common man but only serving their lust for power
ReplyDeleteSBI Maligaon br(229) has issued letter to pension a/c holders to submit KYC within 15 days,personally meet the BM,failing compliance closure of a/c ;thereby threating the Sr Citizens during this Covid pendemic.
ReplyDeleteThere should be some steps to be taken by banking law to initiate some enquiries against such harassing responsible authority and should take action against him if he fails to prove his defence
DeleteMAY MERA 3 A/C CLOSED KARVA DUNGA
ReplyDeleteAccount close karnese KuChh honewala nahi hai,,,, total banking attitude change karneki jarurat hai or wo bhi janta hi kar payegi. ajse tay Karo kabhi bank ke pas nahi jayenge, bank ka jitna bhi option hai uska upyog karenge fir dekho
DeleteEventhough SBI largest branch banking, paying very very less interests on deposits....Then who will be interested for deposits....services also worst when compare to pvt Banks in some areas not in all......
ReplyDeleteJab bankko paisa chahie tab interest badhayenge
Deleteis se acha he hum log apne a/c he band kara de, koi charges he pay nhi karna padega
ReplyDeleteRecent cinario me Samay aisa aya hai ki bank ke bina Koi transaction Ho hi nahi sakta fir Kya karenge varna sabko pata hai ye bank wale Koi rules and regulations follow hi nahi karte abhi abhi rbi ne circular nikala tha ki ab koi bank minimum balance charge nahi lagayegi Koi miscellaneous charge nahi lagayegi fir bhi ye sab ho raha hai
Deleteaap account bandh kar doge fir kisine apko cheque diya to kaise encash kar paoge
DeleteThis should be mandatory for all banks savingd accounts
ReplyDeleteOne bank charged cash transaction fee for my SB acct.
ReplyDeleteWhen questioned they reversed the charges. Banks are playing with the customers
Do not keep money in the bank
Over and above the minimum
Balance required. For keeping our money they are charging for everything .
NO PENALTY SHOULD BE LAVIED ON EVEN 0 BALANCE
ReplyDeleteMai bahot takleef me hun ye lockdown ke vajah se mai barbad hogaya mere pas ab khane ko paisa nahi hai idhar udhar se mang ke apne bachcho ka pet bharta hun
ReplyDeleteKabhi kabhi to do teen din khana nahi milta hai mai keya karo keya aap sab meri mada karo ge aap ki bahot maherbani hogi please
Modi se pahle bank se loan lene ko 1 mahina lagta aur surity bahut mangte the ab woh problem nahi ek do din me loan miljate hain, rahi kam interest ki bat middle class logo ko zyada pareshani nahi kioke bank me rakhne unke pas paise hi nahi crorepatiyon ko thoda loss hai
ReplyDeletekotak bank charged penalty every month of around
ReplyDeleteRs 1500/- and brought my saving to Rs31/- for not maintaing min balance .
Those plans are created from the brains of cheaters who always are ready to exploite the people who has nothing..
ReplyDeleteShould be compulsory for all banks not to insist for minimum balance in Savings account.
ReplyDeleteAll the banks are doing injustice to the public, from whom they receive money and survive.
ReplyDeletePetrol and diesel prices are increasing every now and then. But interest on Fixed deposit
is decreasing month after month. For Rs.1 lakh, banks pay interest @ 5% per annum - Just
Rs.416.00 per month. Retired people and pensioners, lose heavily. It is time, every one should
close their fixed deposits with the bank at the earliest, and invest the same in post office
savings bank account. Let the postal department be benefited atleast. Keep only the minimum
balance required with the bank.
Government of India they dont bother about public all the Governments just want to safe their seats. these people they never change many countries they facilitate to locals peoples of their own country. but here they kill their own peoples.
ReplyDeletereqquest to keep minimum bal rs.100 only
ReplyDeleteBeing a Sr.citizen having a family of 2 sons .Daughter in laws and their 3 kids totalling 9 members living in a joint family.
ReplyDeleteSo for each account say 10k in Axis Bank minimum balance 100k will b blocked in order to avoid Penalties.
Useless Rules.
Follow SBI..
People save in Banks for their benefit and more so the Benefit for the Nation of India. If they are penalised to pursue this culture it will have the adverse effect for all. So we request 0 balance account for all Indians.
DeleteICICI BANK REQUIRES VERY HIGH MAINTENANCE CHARGES. WHY IT IS SUCH HIGH?
ReplyDeleteICICI BANK CHARGES Rs534 for one month. It's very pathetic to me!
ReplyDeleteSalary account me charge zero hona chaiye
ReplyDeleteIt is shocking to mention about the working of banks.All workers of nationalised banks are horrible.They just don't care .They always expect some favour to do their routine bank work.Even a small pouch of panmasala is enough.
ReplyDeletePrivate banks are no good either.They have lot of hidden charges and employees are not trained to work. They are good till they get something from the pocket of costomer,thereafter they are most unfriendly and start talking in 'english'.
Banking is a horrible experience and more so for a senior citizen .
If someone doesn't know on line work ,it is nightmare for him at the time of filing ITR.
They get so much salary, perks and pension from customer's money, but don't do their part.
Bank authorities and finance ministry are hardly concerned.
Our PM is so sincere but these people can't be corrected.
Every bank should follow sbi for minimum balance rule.
ReplyDeleteBe customer friendly.
Poor man/common man will use bank facilities more as govt. wants.This is in addition what I have written above.
JNB.
Banks are fixing Rate of interest by their choice. For example : Home loan of 6.9 % may change into 7.9 % in few months without keeping you informed. Fee for revision of rate is so good that you will be nowhere.
ReplyDeleteIt seems there is No control.
That's free market economy.
DeleteNo system is perfect. People want service so they appreciate private banks. But private banks have their own risks so people want government control over banks. People prefer private banks for loans but prefer government banks for deposits.
Experience varies with the official in the bank. I have had very bad experiences with the SBI. Teae cases are : (i) I changed the date in my cheque. The D.A. refused saying it is not permitted as per RBI. When I complained, the Br Manager allowed it! (ii) I applied for a Credit Card. They issued me a DEBIT card! I lost my cool and warned then that if they charge for it, I will go to Consumer Court. They said everyone means "debit card" when they ask for "credit card"! I said that is not my style of communication. They have not charged for the debit card. (iii) I gave a cheque for Rs 1 lakh for fixed deposit with interest rate of 7.4%. The D.D. examined the cheque and told me to come next day. Next day they issued me a FDR with interest rate of only 6.6% or so. I protested. The D.A told that since my cheque was of HUF, I can get only 6.6%. Then I asked him how can he unilaterally decide to give a lower rate when he himself had told me to give 7.4%; at least he should have asked me what to do. I went and protested to the The Br Manager who grudgingly increased the interest to 7.1% and regretted to give more interest. I complained to Banking Ombudsman. They did not reply for 11 months. I sent them a reminder, They then said I must enclosed the letter from SBI giving their version of the case. I then wrote to Br Mgr. SBI to give me inwriting why low interest rate was paid. Surprisingly, the Br Manager has sent an e-mail today saying that he is willing to pay 7.4% !!! My point is, why he did not do so in the beginning and why waste everybody's time in such a small case?
ReplyDeleteWhy You Have Minimum Balance Your Staff Not Work Properly No Respect Customer Manager Also Not Work Properly Charcop Branch Staff Is Very Bad
DeleteBetter to switch the account to other banks.
ReplyDeleteHow can a pensioned person maintain min balance 3000, my suggestion is for a zero balance account.
ReplyDeleteTHERE Is NO NEED TO MAINTAIN BANK ACCOUNT NOW A DAYS EXCEPT FOR SOME TRANSACTIONS AS THE INTEREST IS ALSO VERY LESS NO ONE BOTHERS. THE BANKING SYSTEM HAS TO BE CHANGED..
ReplyDeleteLot of free fodder addicted on the cite with SCUMgress culture as pork prophets, 'Oinking' with hate speeches about FM PM & BJP reforms & Swachh bharat, with SCUM filled heads !!
ReplyDeleteSBI is the worst bank regarding services by their employees .They are not helpful to their customers
ReplyDeleteSBI Completely full of doodles. Even the manager looks exhausted. No one will find someone who wants to do something.this my own experience. Three times I applied for online banking service still no one update it. When I went to check my application they said you have to submit again your application papers
ReplyDeleteCompare to other bank services ( laxmi Vilaas bank, Indian Overseas bank, ICICI bank , PNb ) SBI services are better but employees behave need to be up graded , They must sincere towards work and soft behave with customers
ReplyDelete0 balance AC
ReplyDeleteis positively required for lower & middle class families because they know how difficult to earn money.
LAST 6 YEARS BACK MY RECURRING ACCOUNT WAS BEING PAID RS.2000 PER MONTH. I MISSED TO PAY AND PAID 2 DAYS LATER WHICH BANK DEDUCTED RS.960- AS FINE AND DID NOT RETURN TO ME EVEN AFTER SEVERAL CORRESPONDENCE TILL HIGHER AUTHORITIES. SUCH IS THE ATTITUDE OF STATE BANK. BAD MANAGEMENT., ONLY SEEKING HIGH PROFITS FROM THEIR CUSTOMERS. STILL WE HAVE TO PAY RS.70 PER YEAR AS SMS CHARGES. WEN ACTUAL CHARGES IS FREE NOW. PLUS DEBIT CARD CHARGES , MIN. BALANCE CHARGES ETC ETC. DONT KNOW WHERE THE PROFIT IS GOING TO. MAY BE GOING TO PEOPLE LIKE MALLYA.
ReplyDelete