SBI charges for non-maintenance of minimum balance unfair: Report

The State Bank of India’s (SBI’s) charges for the non-maintenance of minimum balance were unreasonable, a report by a professor at the Indian Institute of Technology-Bombay has said. 

The SBI started charging fees for non-maintenance of minimum balance from April 2017, after a gap of five years, the monthly fees ranged between Rs 20 and Rs 100 till September 2017 and were later slashed in October last year. According to financial ministry data, the SBI collected Rs 24.34 billion for the financial year 2017 in penalty on non-maintenance of minimum balance alone. 

Later on, the bank slashed these charges by nearly 80