The
State Bank of India has asked its branches to remove the minimum balance
stipulation and refund charges that were collected for failure to maintain the
same.
The
circular issued on April 25 said the bank has decided to waive the requirement
of maintenance of minimum balance for all types of savings bank accounts with
immediate effect.
Accordingly,
no minimum balance charges would be levied every quarter henceforth, the
circular addressed to chief general managers of all SBI circles said.
Branches
were advised to use approved publicity material to the effect and to have them
displayed prominently on branch premises. In a preceding circular sent only the
day before, the bank ordered refund of charges for non-maintenance of minimum
balance ‘of personal segment' customers.
This
was aimed at setting right an earlier order that sought to apply charges for
non-maintenance of minimum balances on all eligible accounts for the quarter
ended March 31, 2012.
REFUND ORDERED
The
circular said that “the competent authority has since approved refund of
minimum balance charges recovered, if any, in respect of non-maintenance of
minimum balance for the quarter.” A senior official of SBI said, “We are doing
this to help improve our customer base. It has been in the offing for some
time.”
Banks,
including SBI, fixed a higher minimum savings balance for customers in order to
help compensate for services they provided. The waiver of minimum balance
therefore represents a major departure from the bank's policy. The official did
not elaborate on why the change was done.
+1.jpg)
0 comments
Post a Comment