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  • Category: Miscellaneous

    Is it true that SBI is reducing minimum deposit amount?

    Today I have read a news-item which states that SBI is going to reduce minimum deposit amount in savings bank account in metro cities. It is also reported that the penalty for not maintaining minimum deposit is also going to be reduced.

    Members surely remember that some months ago SBI increased the minimum deposit amount in savings bank account to Rs. 5000/- (from Rs. 1000/-) in metro cities. The penalty for not maintaining minimum amount was also heftily increased. Now the present announcement is surely welcome.

    I would like to know from when the new rule will be applicable. Knowledgeable Members may kindly indicate.
  • #609822
    Yesterday it has come in the newspaper about this. Today also it has come more elaborately with more details. They say minimum amount to be maintained in SB Accounts is Rs.3000/-. This rule is not applicable to the accounts opened under Jan-Dhan yojan. No minimum balance prescribed there. Even it can be zero. As far as I remember it will be in force from 1 st October 2017. But I am not sure. Definitely, it is a welcome move. I think now the other banks will also follow the suit. But the charges on money transfers will still continue. No talk about that.
    always confident

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