Scrap the minimum balance of rs. 5000/- on pension accounts
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The board of state bank of directors have revised the minimum balance on savings and pension accounts to rs5000/-
This is a thoughtless move
Senior citizens depend for a large extent on their pension ....for those getting pension from government concerns is slightly more substantial than those getting pension from the public provident fund scheme imposed on the employees of private and public sectors
In any which case blocking 5000/- from the income of a pensioner is a hit below the belt
If your pension is 1500/- a month how does the bank expect you to maintain a minimum balance of rs 5000/- ??????
Even if your pension from a govt concern is as much as 10/15 thousand.... One has to keep in mind that that is what the senior citizen depends on
With the cost of living spiralling upwards interest rates falling.. How does a senior citizen who has retired meet his/her daily expense we are talking food medicine utility bills gas electricity telephone.. We are talking about basic necessities not luxuries
Also a pension account should ideally be a zero balance account for the very reason that should a pensioner expire the entire balance reverts back to the government... A pensioner is supposed to withdraw the entire amount for his daily needs
I appeal to the board of directors of state bank of India to kindly reconsider this drastic step and revert back to a minimum balance of 1000/- on savings account and zero balance on pension accounts
There are millions of people in India who are earning below 10000/- how do you expect them to maintain a minimum balance of rs 5000/- and yet meet the daily needs of their family
The government wants to promote a cashless economy... The banks should give incentives so more people open bank accounts
Instead this is a deterrant....why should people open bank accounts if you are going to block a substantial amount of their savings.... They might as well keep the cash at home
You have directly hit the common man
Our humble request to you to pls revert to the earlier policy re minimum balance
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