Reduce minimum balance limit to 1000 and increase deposit limit for SBI Savings Account.
This petition had 153 supporters
The biggest bank in the country State Bank of India took a decision to implement a Monthly Average Balance (MAB) Requirement rule for all it's customer base. For Metropolitan cities its ₹5000, for Urban areas its ₹3000, for Semi-urban areas its ₹2000. If someone fails to maintain this much of balance, SBI will charge ₹50-₹100 as penalty. Initially the MAB was ₹500 for accounts without chequebook and ₹1000 with chequebook.
As SBI is the largest government bank in the country it has near about 200 million customers. Among them most of the account holders are either government salary holder, self employed and students. Big corporates always prefers private banks due to their fast processing time and tons of other advantages. So maximum of SBI's customers belong from a middleclass or lower middleclass background. And it's very difficult for them to maintain ₹5000 in their account as monthly average balance. Even in metro cities like Delhi, Kolkata, Mumbai etc the number of middleclass families is quite big. They save their hard earned money in banks for their future. And giving penalty for saving their money in bank accounts is not justified. If they can afford, why they will come to SBI, they may open accounts in private banks, who will going to give higher interest and benefits.
As per leading newspapers more than 31 Crore people will be directly affected from this rule. Most of them are students, self employed or daily workers.
Also there are reports about a rule which restricts the number of free cash deposit to 3 per month and there will be a fee for subsequent deposits. Is this a joke? What is a Savings account then? If I need to pay to store my hard earned money in banks, I should I store it? I will store in cash in home. If I am already paying tax for my income, why should I pay more on it?
It's irony that Big corporates are flying out from the country taking ₹1200Crore loan. And common people needs to suffer to even to store their earned money.
Please sign this petition if you are agree to the points so that SBI reduces the limit in an affordable range for common people.
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