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SBI may cut minimum balance requirement

State Bank of India may review its minimum balance requirement for savings bank accounts. The minimum balance that urban customers are required to maintain now is Rs 3000. The bank is also changing the requirement from monthly average balance to quarterly average balance. The move follows reports that the bank made Rs 1,772 crore in fees by imposing penalties for non-maintenance of minimum balance between April and November 2017. The bank is understood to be considering fixing the minimum balance amount at Rs 1000. The bank had increased the minimum balance requirement to Rs 5000 in June. However, following public backlash the bank brought it down to Rs 3000 in metros, Rs 2000 in semi-urban and Rs 1000 in rural centers. The bank had also removed the minimum balance requirement for minors and pensioners and reduced penal charges.

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