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SBI reduced monthly average balance to Rs.3,000, also provided relief in penalty

New Delhi: 45 crore Customers of the country's largest bank 'State Bank of India' there is a good news for the customers. The bank has reduced the monthly average balance for metro and urban cities to Rs.3,000 and for rural areas to Rs.1,000.

New Delhi: 45 crore Customers of the country’s largest bank SBI, there is a good news for the customers, the bank has reduced the monthly average balance for metro and urban cities to Rs.3,000 and for rural areas to Rs.1,000.

SBI reduced monthly average balance to Rs.3,000, also provided relief in penalty - The Wall Post
SBI reduced monthly average balance to Rs.3,000, also provided relief in penalty

Along with this, the charge for not maintaining the minimum balance has also been reduced. Usually, there is a charge of Rs:5-15 and GST for not maintaining the minimum balance.

SBI implemented the minimum average balance charge in April 2017. Along with this, tax collected at source has also been implemented from 1 October. Under this, it will be implemented on sending more than 7 lakh remittances in a financial year.

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However, this does not include education loan payments. TDS will be charged on the money sent for the purpose of traveling abroad. TDS is applicable even if the amount is less than 7 lakhs.