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SBI gives relief on min a/c balance limit

DNMUM409671 | 3/14/2018 | Author : DNA Money Correspondent | WC :421

Cuts penalty by 75% for not maintaining min balance

Mumbai: State Bank of India (SBI) has slashed its penalties for not maintaining minimum balance for the second time on Tuesday, this time by 75%, but is still higher than its public sector peers.
Following the footsteps of private sector peers, State Bank of India (SBI) in April last year set up high minimum balance requirements and imposed steep penalties on customers who failed to meet these requirements.
SBI has now slashed penalties to Rs 10 to Rs 15 for urban and metro customers who fail to maintain a minimum balance of Rs 3,000 in a month. That is if the shortfall is less than 50% of the requirement, then the penalty is Rs 10, if the shortfall is between 50% up to 75% it is Rs 12 and above 75% shortfall the penalty will be 1
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