SBI closed 41.16 lakh savings accounts? Lender rushes to clarify
SBI revealed it has 41 crore Savings Bank Accounts and in the current fiscal, it opened as many as 2.10 crore accounts
After media reports claimed that the State Bank of India (SBI) has closed as many as 41.16 lakh savings account from April 2017 - January 2018 period, the largest lender in India on Thursday clarified by saying that "these accounts have not been closed suo motu." Media reports cited non-maintenance of average monthly balance as main reason as per and RTI query. It needs to be noted that, SBI on March 13, reduced charges for average minimum balance (AMB) by up to 75%.
In it's defence, SBI highlighted that, the bank has 41 crore Savings Bank Accounts, and in the current fiscal year, it opened 2.10 crore Savings Bank accounts - among which 1.10 crore accounts are PMJDY accounts which are exempt from average monthly balance requirement.
On account of the merger of SBI’s associate banks with SBI in April 2017, where the customers were having multiple accounts with different Associate Banks and SBI the number of accounts closed during the year is relatively high, as per the bank.
SBI has reduced the charges by up to 75% in different categories of savings account, after taking in feedback from various stakeholders. From April 2018 onward, charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs 50 per month plus GST to Rs 15 per month.
Going ahead, customers in semi-urban and rural centres have seen reduction in charges from Rs 40 per month plus GST to Rs 12 per month and Rs 10 per month plus GST respectively.
SBI has even encouraged customers who are not able to maintain average monthly balance have the option to get their Regular Savings Bank accounts converted to BSBD accounts free of charge.
Shifting to BSBD account is even more convenient and flexible, because there is no charges levied by SBI on them.
As on September 30, 2017, SBI has a deposit base of Rs 26.23 lakh crore with CASA ratio of 43.81% and advances of Rs 18.92 lakh crore.