State Bank of India MAB debit amountWithout prior notification, State Bank of India has recently introduced a New "Make money from Poor Man's Bank Account Balance (MAB) in this financial year. Take a look at the attachment below.
After 74th years of independence, till now poor people have to fight for freedom in their own country. Even today, banks can't assure us the safety of our money. Do you think SBI is only for wealth-to-do senior citizens?
The below screenshot is an SMS alert that contains the information of the amount debited from my bank account which I received day before yesterday. It was my hard earned money through online and 1200 Rupees which I received from ISC along with $20 from Humanatic.
We all know that it takes a lot of hard work and time to earn through online. On the top of the, PayPal transfer charges and etc. What you received in your bank will be $8 after you redeem $20 (transfer charges + GST+ MAB). Where is our Government? Are they sleeping? Why should I pay tax to Government when I can hardly make a living. Keeping in mind that my monthly income is less than 5K.
There was a time when I used to get very excited to deposit cash in my bank account. I can't now because of the fear that SBI will debit monies from my balance whenever I fail to maintain an average Balance. I ain't a rich guy and all I wanted to do is to close my Bank account and go for alternative banks that doesn't debit balance for MAB. Can you suggest one?
My question for this discussion is tabulated below:
1. Why SBI introduced MAB? When and why?
2. Is it a fair rule of SBI to debit amounts from accounts holder who fail to maintain MAB of the month.
3. Is only SBI introduced MAB? What for other banks?
Please throw a light on this topic.