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Government urges SBI to reconsider minimum account balance penalty

On Monday government urged State Bank of India to rethink on its conclusion of charging customers a penalty on not maintaining the minimum balance.


Government also asked to revisit on the decision of putting penalty while customer is making cash transactions and ATM withdrawals after limited free transaction. Government asked to private banks as well on this.

In previous week, SBI announced about the penalty to be imposed if minimum balance is not maintained by customers.

The rule has to start from 1st April 2017. This rule will be followed by SBI’s five associate banks as well.

HDFC Bank, ICICI Bank and Axis Bank announced increased cash transaction fees and limited free cash deposits and withdrawals on 1st March 2017.

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