Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
April 26, Wednesday 2017 1:32 PM       

       HEADLINES: E P Jayarajan takes exception to Pannyan’s dig at Mohanlal                                              More bars to be reopened on Tuesday                                              Oppn uproar in assembly seeking M M Mani’s resignation                                              Pinarayi defends Mani's "native style"                                              Security beefed up for M M Mani                                              DMK's Stalin arrested amid TN shutdown                                              Malegaon blast: Sadhvi Pragya Singh gets bail                                              Fake passport case: Seven-year jail to Chhota Rajan                                              Xi urges 'restraint' over N Korea as US carrier approaches                                              7.1 magnitude quake hits Chile                                              China bans dozens of Muslim baby names in Xinjiang                                              Pune Supergiant keep rising                                              BCCI miss deadline of naming India squad for Champions Trophy                                              Kaumudi Facebook
       BUSINESS Next Article: Netflix inks pact with Airtel & others, bets on local content  
       SBI to hike minimum balance for savings a/c; hit 31 cr people
 
         Posted on :19:10:41 Mar 6, 2017
   
A A
       Last edited on:19:10:41 Mar 6, 2017
         Tags: SBI, hike minimum balance, savings a/c, hit 3
 
NEW DELHI: State Bank of India has decided to increase manifold the minimum balance required for maintaining savings account from April 1, hitting 31 crore depositors including pensioners and students. The monthly average balance (MAB) requirement has been increased to as high as Rs 5,000 for branches in six metros.
 
Savings bank account holders of SBI and its five associates (merging with it on April 1) will have to maintain the monthly balance or else they will invite a penalty ranging from Rs 20 (rural branches) to Rs 100 in (metro cities). SBI has 31 crore savings bank accounts.
 
As of now, monthly average balance (MAB) for a savings bank account is Rs 500 without facility of cheque book and Rs 1,000 with cheque book across the country. India's largest bank has now decided to fix separate MABs for 'metro', 'urban', 'semi-urban' and 'rural' areas from the beginning of next financial year. The benchmark for MAB and penalties are likely to be followed by other public sector banks.
 
MAB for metro branches will be Rs 5,000 and penalty for non-maintenance of minimum balance will be between Rs 50 and Rs 100. For urban and semi-urban branches, the MAB has been fixed at Rs 3,000 and Rs 2,000 respectively. In case of rural branches, the minimum balance has been fixed at Rs 1,000. Breach of MAB will attract a penalty ranging between Rs 20 and Rs 50.
 
Five associates banks of SBI -- State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT), State Bank of Patiala (SBP) and State Bank of Hyderabad (SBH) -- will merge with the parent on April 1.
 
With the merger of all the five associates, SBI is expected to become a lender of global proportions with an asset base of Rs 37 trillion (Rs 37 lakh crore) or over USD 555 billion, 22,500 branches and 58,000 ATMs. It will have over 50 crore customers.
A A
       BUSINESS
Next Article: Netflix inks pact with Airtel & others, bets on local content
 
 
BUSINESS HEADLINES
Rupee scales near 21-mth high of 64.26 on global cues  
Nifty closses above lifetime high of 9,300-mark  
PM to review infra performance with officials today  
US dollar ends sharply lower against rupee  
Sensex rebounds 291 pts; French Prez race, RIL Q4 in limelight  
Thailand expects 12 lakh tourists from India in 2017  
GST great illustration of cooperative federalism: Modi  
Niti Aayog lists promoting digi-payments as achievement  
Hero Cycles eyes setting up Rs 400 cr project  
Impact of demonetisation abated: IMF  
Mistry appeals against NCLT rejecting waiver plea in Tata case  
Air India lowers age limit for elderly travel concession  
SEBI court quashes non-bailable warrant against Sahara chief  
India needs to accelerate investment in children, education:WB  
Sensex extends gains, up 86 pts on bargain hunting  
Jaitley may take up H-1B visa issue with US authorities  
'India moving forward to become major destination for FDI'  
Sensex surrenders early gains, falls 95 pts  
Apple, Coke, Airtel among cos pulled up for 143 misleading ads  
Inflation cools to 5.7%, food prices heat up  
Nifty regains 9,200-level in early trade  
SC orders auction of Sahara's Amby Valley  
Railways to export locos, train sets worth Rs. 680 cr to Lanka  
Sensex edges lower by 88 pts on global weakness  
Netizens uninstall Snapdeal app instead of Snapchat  
 
Should Senkumar be reinstated as DGP, law and order?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy