SBI needs minimum account balance penalty to offset Jan Dhan costs
Thursday, March 9, 2017, 9:49 AM
The State Bank of India (SBI) on Wednesday, defended its decision to charge customers if they do not maintain a minimum balance in their savings accounts. State Bank of India Chairperson Arundhati Bhattacharya, said the fee was introduced to balance the costs incurred from managing Jan Dhan accounts. The bank clarified the penalty would not apply to Jan Dhan accounts.