SBI shuts 41.2 lakh savings accounts for not keeping minimum balance

Indore, Mar 13: State Bank of India (SBI) has closed as many as 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the minimum balance, reveals an RTI query.
Last April, SBI had re-introduced the penal charges on non-maintenance of average monthly balance after a gap of five years. Later in October, it had revised down the charges to some extent.
“Due to provisions of penalty on non-maintenance of minimum balance, the bank has closed 41.16 lakh savings bank accounts between 1 April 2017 and 31 January 2018,” the bank replied to an RTI query filed by Chandra Shekhar Gaud from Neemuch in Madhya Pradesh. Even though the reply was furnished by SBI on 28 February 2018, the bank on Tuesday steeply reduced the penal charges on not maintaining the minimum balance. The reply was to a specific query on the number of accounts being closed after introduction of charges on non- maintenance of minimum balance from 1 April 2017. The State Bank has 41 crore savings bank accounts. Of that, 16 crore are under the Pradhan Mantri Jan Dhan Yojana (basic savings bank deposit) and of pensioner, minors, social security benefit holders which are all exempted from the penalty for not maintaining of the minimum balance. (Agencies)