SBI closes 41.16 lakh savings accounts

State Bank of India has closed as many as 41.16 lakh savings accounts between April-January in the current fiscal year for not maintaining the average monthly balance, reveals an RTI query.

Last April, the nation’s largest lender 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 April 1, 2017 and January 31, 2018,” the bank replied to an RTI query.

State Bank of India has 41 crore savings bank accounts.

Of that, 16 crore are under the Pradhan Mantri Jan Dhan Yojana/basic savings bank deposit (BSBD) and of pensioner, minors, social security benefit holders which are all exempted from the penalty for not maintaining the minimum balance.


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