SBI earns Rs 1,772 cr from minimum balance penalty

Hyderabad, Jan 03: As we knew that Indias largest bank SBI has announced that the Bank customers should maintain the minimum balance in their account.If the customers fail to maintain minimum balance some amount will be deducted from their account as fine

Till now the collected amount is approximately Rs.1772 crores. from April 2017 to November 2017 the SBI has announced the collected amount from the bank.

All banks have collected Rs. 2,321 crores.State Bank of India has close to 40.5 crore savings account customers.

The SBI, after a gap of six years, had reintroduced the monthly average balance (MAB) charges from April 1, 2017.

After criticism by customers, it reduced those charges with effect from October 1.

"On an average balance of Rs 3,000 in metro, SBI earns Rs 6 only per month whereas for a minimum balance of Rs 1,000 in rural, bank earns Rs 2 per month which is meagre when compared to the services offered and corresponding costs incurred by the bank (free chequebook, 8 free ATM transactions, free branch transactions)," the state-owned lender said in a statement.