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SBI Says Minimum Balance Charges Justified
January 04, 2018
As the huge collection of minimum balance charges by State Bank of India (SBI) made headlines recently, the public sector lender defended the same by saying that its profits through such charges are meager when compared to the services it offers.
SBI said that for each account with Rs. 3,000 balance in metro cities, and Rs. 2,000 in rural areas it earns only Rs. 6 and Rs. 2 per month respectively. This is quite small compared to the services it provides including up to 8 free ATM transactions, free cheque book, etc. which incur costs.
