SBI reviewing minimum balance requirement, to make announcement soon
Jan 06, 2018, 02:04
Mumbai:State Bank of India (SBI) is in the process of comprehensively reviewing the requirement for minimum balance in savings account and the charges applicable for non-maintenance, and will soon make the announcement, said managing director Praveen Kumar Gupta. It is also reported in the ET report that instead of charging for non-maintenance of monthly minimum balance, the bank was planning to bring in a totally different mechanism - a quarterly minimum balance rule.
It had originally increased the minimum balance requirement to Rs 5,000 for metros and Rs 3000 for semi urban, in April previous year.
Although SBI's minimum balance requirement of Rs 3,000 is lower if compared with private banks, several public sector banks charge a lesser penalty if the customer fails to maintain a minimum balance.
Currently, customers of the bank in metro and urban areas are required to maintain an average monthly balance of ₹3,000, while the same for semi-urban areas is ₹2,000 and for rural areas, it is ₹1,000.
As a result, between April and November 2017, the bank had netted a windfall of Rs 1,771.67 crore, which is more than its second quarter profit, as penalties from customers for non-maintenance of MAB, Finance Ministry data showed.
In rural areas, the monthly average balance requirement has been kept at Rs 1,000. The amount was also almost half of the Rs 3,586 crore the bank earned as net profit from April to September.
The move follows revelations that the bank made Rs1,772 crore by imposing penalties for non-maintenance of minimum balance between April and November 2017.
However, after criticism by customers, it reduced those charges with effect from October 1. Accordingly, charges for semi-urban and rural centres were in the range of Rs20-40 and for urban and metro centres Rs30-50.
The MAB for semi-urban areas has been unchanged at Rs 2,000, but penalties for non-maintenance have been slashed for this group. If the shortfall is 50 per cent or less of the MAB, then the bank will charge Rs 50 plus GST.
Under special type of bank accounts such as Pensioners' Accounts, Social Welfare Benefits Accounts and Basic Savings Bank Accounts, SBI doesn't require the customer to maintain any specific monthly average balance.
For Tesla itself, it is the pinnacle of Elon Musk's original strategy for the company: to make affordable electric cars. Tesla's slower ramp up in manufacturing Model 3s led analysts to speculate another capital raise could be coming.
The winter storm that has pounded the East Coast of the country has been a winter wonderland for some but a nightmare for others. Many airlines are waiving cancellation fees so their customers aren't left stranded and surprised on the airport.
So in as much as stakeholders are heavily spending on ads, their audience is also responding very well to what they are offering. In addition to this, there’s a wide variety of games which the platform offers to cater for all types of gamers.
The trial in the case was completed on 13 December in the special CBI court and 10 days later, he was convicted on 23 December. ANI reported that the quantum of sentence was not announced today due to the death of advocate Vindeshwari Prasad.
Trebek's medical leave of absence is not expected to affect the broadcast schedule for the show, which is taped months in advance. Production on the daily show has been put on hiatus to allow the 77-year-old native of Sudbury, Ont.to recuperate.
With plenty of points to be won and lost, the title race is still very much on and Arsenal will be confident of bridging the gap. Defensively, Arsenal have improved since Shkodran Mustafi joined the club in the summer but there is still room for improvement.
Sports. "The thing did over 6.7 million buys, and if the service didn't drop we would have got closer to 7 million". However, one major part of the equation is not surprisingly siding with White and rapidly fired back at Espinoza.
Timberlake teamed up with a lot of familiar faces for Man of the Woods , and they all seem pretty excited about the final product. Pharrell, as well as longtime collaborator Timbaland , Alicia Keys and Chris Stapleton are expected to be on the project.
The side profile is similar to what we have seen in the previous generation model launched past year and is robust as well. We hope this time Nokia will note delay the India launch and will offer the device in India by February - March 2018.
The growth rate of the agriculture , fishing and forestry sector is expected to decline from 4.9% in 2016-'17 to 2.1% in 2017-'18. He also indicated that the government could find it hard to achieve its fiscal deficit target of 3.2 per cent of GDP.
LG too has confirmed that its 2018 TVs will ship with the Google Assistant built-in in select markets. That'll change in early 2018, when Amazon broadly rolls out Alexa purchases and subscriptions.
LG HU80KA 4K Projector Stands Upright
Besides being LG's first UHD projector, the LG HU80KA is also the brightness one with 2500 lumens of brightness. And since resolution isn't everything, the model supports HDR content, as well, to make images more life-like.
Kabul blast: Death toll rises to 20
The Sunni extremist group has recently increased its attacks against Shi'a in Afghanistan - particularly in Kabul . There was no immediate claim of responsibility for the attack.
Hot-air balloon crash kills tourist in southern Egypt
The body of the deceased American tourist and the seven other injured were transferred to Luxor International Hospital. Luxor Governor Mahmoud Badr said a statement about the incident would be released shortly, according to AFP .