Clarification on Closure of 41.16 lac Savings Bank Accounts

MUMBAI:
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 lac accounts.
The Bank would like to clarify that these accounts have not been closed Suo-motu. SBI has 41 crore Savings Bank Accounts. During the current financial year, 2.10 crore Savings Bank accounts have been opened,of which 1.10 crore accounts are PMJDY accounts which are exempt from average monthly balance requirement.
On account of the merger of SBI’s associate banks with SBIin April 2017, where the customers were having multiple accounts with different Associate Banks and SBI, the number of accounts closed during the year is relatively high. Customers who are not able to maintain average monthly balance have the option to get their Regular Savings Bank accounts converted to BSBD accounts free of charge. Effective 01.04.2018, the service charges for non-maintenance of average monthly balance have been reduced by 75% which has been very well appreciated by customers of the Bank.