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 .
SBI closed my account in December because it didn't have the requisite balance in it. No intimation or anything, just logged into my net banking one fine day and the account was closed. I went to the local branch and they said I'll have to open a new account and there's no way to reactivating the old one.

I want to open a new account and I cannot maintain a 10k balance that's required by most private banks. I would open an account in SBI again, but my branch is very crowded and it's hard to get any work done here without standing in a line for half an hour or being sent from one counter to the other, when the first person could've readily given me the information.

I'm looking at other PSU banks such as Central Bank, Bank of Baroda, Union Bank of India, etc. They all have branches in my locality. I want basic banking services such as IMPS, iPhone app that I can use to send money, etc. I can maintain a balance of 5k max. Do any of you have any suggestions? Or should I just suck it up and stick with SBI?

Kotak Mahindra seems to have a Nova Savings account with 5k as MAB. I haven't read any rave reviews of their bank with most people complaining about slow response times. Any idea on how their services are?
 
It didn't seem all that long ago when there was such a thing as a zero balance account. 2014 ?

Govt was trying to get as many people to sign on and have a bank account. Agents riding into villages and getting people enrolled.

From now onwards how are those people going to be able to keep a minimum balance :)
 
swatkats said:
They are smartly covering the fact that account holders have closed by themselves
Click to expand...
swatkats said:
State Bank Of India Closes 41.16 Lakh Savings Accounts
Click to expand...
sibot said:
SBI closed my account in December because it didn't have the requisite balance in it. No intimation or anything, just logged into my net banking one fine day and the account was closed. I went to the local branch and they said I'll have to open a new account and there's no way to reactivating the old one.
Click to expand...
India’s largest bank SBI, on Thursday, clarified that it has not closed 41.16 lakh bank accounts as reported by some media outlets on Tuesday. State Bank of India (SBI) clarified that these bank accounts have not been closed Suo-motu.

“In a widely publicised report in yesterday’s news dailies about SBI reducing minimum balance charges, it was also reported that after introduction of the requirement of AMB, SBI closed 41.16 lakh accounts. The Bank would like to clarify that these accounts have not been closed Suo-motu,” it said

http://www.financialexpress.com/mon...counts-here-is-what-you-need-to-know/1099904/
 
swatkats said:
India’s largest bank SBI, on Thursday, clarified that it has not closed 41.16 lakh bank accounts as reported by some media outlets on Tuesday. State Bank of India (SBI) clarified that these bank accounts have not been closed Suo-motu.

“In a widely publicised report in yesterday’s news dailies about SBI reducing minimum balance charges, it was also reported that after introduction of the requirement of AMB, SBI closed 41.16 lakh accounts. The Bank would like to clarify that these accounts have not been closed Suo-motu,” it said

http://www.financialexpress.com/mon...counts-here-is-what-you-need-to-know/1099904/
Click to expand...
Not been closed suo-moto? What does that even mean? It's not like they sent any intimation. If by "not closed suo-moto" they mean that we closed them because the account holder didn't maintain the requisite balance, then that's BS.
 
swatkats said:
sbi-charges.jpg



Figures for April-November 2017: SBI collected Rs 1771 crore as charges from below minimum balance accounts

This is more than the bank’s July-September quarter net profit of Rs 1,581.55 crore and nearly half of the Rs 3,586 crore it earned as net profit April-September.
Click to expand...
Indian banks have collected nearly Rs 5,000 crore from their depositors in the last financial year (FY2017-18) as penalty for not maintaining minimum required balance in their savings account.

India's biggest lender State Bank of India has collected the highest amount for not maintaining minimum balance at Rs 2,433 crore followed by HDFC at Rs 590 crore and Axis Bank at Rs 530 crore, the daily further said. Thirty per cent of the total fine was collected by the top three private lenders- HDFC Bank, Axis Bank and ICICI Bank.

https://www.livemint.com/Industry/F...0-crore-in-FY18-as-minimum-balance-penal.html
 
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