Post the merger of its five associate banks, the State Bank of India (SBI) has increased charges for various services including those that apply for not maintaining minimum balance. These new charges will impact most customers including the customers of the merged entities. The associate banks that were merged with SBI were SBH (State Bank of Hyderabad), SBBJ (State Bank of Bikaner and Jaipur), SBP (State Bank of Patiala), SBT (State Bank of Travancore), and SBM (State Bank of Mysore). It may be recalled that post the merger, SBI’s customer base is now a staggering 37 crore.
SBI has come up with new monthly average balance (MAB) requirements for ‘metro’, ‘urban’, ‘semi-urban’ and ‘rural’ areas, which would be applicable from April 1. For SBI branches in Metro cities, the MAB has been increased to Rs 5,000. The MAB for urban, semi-urban, and rural branches has been fixed at Rs 3,000, Rs 2,000 and Rs 1,000 respectively. However, MAB will not apply to Surabhi, Basic Savings Bank and PM Jan Dhan Yojana accounts.
Other charges that have been increased relate to cheque books, locker rent, account opening fee, etc.