SBI News Today - State Bank of India, New Rules For SBI Customers, Minimum Balance

SBI Clarifies On Rs. 1,771 Crore Earnings From Minimum Balance Fines

The country's largest lender, State Bank of India (SBI), collected Rs. 1,771 crore between April-November 2017 as charges from customers for failing to maintain monthly average balance in their accounts. This is more than Rs. 1,581.55 crore that it earned as net profit in September quarter. The bank on Tuesday clarified on its charges for non-maintenance of minimum balance on savings accounts. "SBI's metro branches earn Rs. 6 per month on an average balance of Rs. 3,000. For banks in rural areas it is Rs. 2 per month for a minimum balance of Rs. 1,000," said SBI.

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