Keep minimum balance of ₹3,000 or pay fine, says SBI

₹5k is too much for a bank like SBI? So would you close the account

  • Yes, I'm closing it. Too much for this terrible sarkari bank.

    Votes: 8 53.3%

  • No. I'm happy with them so I'll have a 5k in it.

    Votes: 7 46.7%
  • Total voters
    15
  • Poll closed .
abhi1984 said:
My bad. It is always difficult for me to read intentions when conversing in written forms.
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Yeah not pin pointing but you have good knowledge over this banking sector. That's the reason I've asked.


Btw, bought a service request form will close the account in the last week.
 
Julian said:
The only issue in contention here is Aditya Puri's statement that banks are not free and we should pay him. Nobody ever said it was or expected it to be free. Now that they're increasing MABs even more, people are simply going to stop using the 'service'.
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But that is not the contention of this thread really. Aditya Puri is HDFC's chairman and this about SBI increasing MAB. Unless of course we want to put all the issues - increased MQB by SBI and limited free cash transactions by HDFC, ICICI and Axis into one.
 
Now, RBI Staff Start Complaining about SBI’s Charges!

Samir Ghosh, General Secretary of AIRBEA, in a letter to RBI Governor Dr Urjit Patel, has said, "We are being constrained to draw your kind attention to certain recent business decisions of the country's largest bank SBI like withdraw cash only three times a month free of charge and fine failure to maintain balance."

"We urge that Section 35A of Banking Regulation Act, 1949 do empower Reserve Bank to give directions to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors,"
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Acche din for the govt, IT depts, banks, oil companies, big business, restaurants.

Just not for the citizens of the country.
 
Out of the 135.1 crores savings a/c, 53.3 crores belongs to Basic Savings Bank Deposit Account (BSBDA), which includes PMJDY , as of Mar 17
So if we exclude BDBSA accounts, we have 82.01 Cr savings accounts, so with that ₹5000 minimum balance banks grabbed ₹4,10,050 cr from us
 
chetansha said:
Out of the 135.1 crores savings a/c, 53.3 crores belongs to Basic Savings Bank Deposit Account (BSBDA), which includes PMJDY , as of Mar 17
So if we exclude BDBSA accounts, we have 82.01 Cr savings accounts, so with that ₹5000 minimum balance banks grabbed ₹4,10,050 cr from us
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Not exactly. The 5,000 MAB is only for Urban branches. For semi urban / rural it is 2,000.
 
Still higher... 1,000 ruoees is too much!!

- No account closure charges is a relief.
- 50% reduced fine is also welcome

Those who want to avoid paying monthly average balance non-maintenance charges, they can convert their savings account to Basic Savings Bank Deposit Account without any cost, SBI further said.
https://www.ndtv.com/business/sbi-c...rage-balance-and-how-to-avoid-charges-1751170
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UyI60U1.jpg


QfsE9ni.jpg
 
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abhi1984 said:
There is nothing stopping people from keeping their own money and I wasn't trying to convince keeping money with the banks was a great idea. The only point was - there is nothing wrong with this step from a banking perspective and rather one of the oldest play in the banking book.

Just to give perspective, SBI asks 5k while HDFC savings wants 10k. The charges for HDFC are - 150 to 600 which is way above the net interest margin of 4%. This compared to the puny 5 free cash transactions. Which is better? I would rather have SBI make some money and be a viable bank and still have public mandate in mind while operating.
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It is. Chase was doing this two decades ago. So you had to keep a $4k deposit to avoid charges.

People who think its better abroad need to consider that. India is actually twenty years behind the curve here. Reasons are obvious, they never wanted to open branches in places that weren't productive but were forced by govt to do so. This goes back to Indira and her nationalistation to democratise capital

Thx for your opener :)

I want to see more posts like that instead of the usual whining and "i got to get out of India" blues
 
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