New Delhi, March 13: The State Bank of India closed nearly 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the average monthly balance, an RTI query revealed on Tuesday.
“Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between April 1, 2017 and January 31, 2018,” the bank replied to an RTI query filed by Chandra Shekhar Gaud from Neemuch in Madhya Pradesh.
In April 2016, the SBI had re-introduced the penal charges on non-maintenance of average monthly balance after a gap of five years. However in October, it had revised down the charges to some extent.
Earlier in the day, the bank had reduced charges for non-maintenance of average minimum balance by upto 75 per cent. Charges for non-maintenance of average minimum balance in Metro and Urban centres are reduced from maximum of Rs 50 per month plus Goods and Services Tax to Rs 15 per month. For Semi-urban and Rural centres, charges are reduced from Rs. 40 per month plus GST to Rs 12 and Rs 10 per month.
(With inputs from agencies)