Days after revising minimum balance requirement for the savings account, the largest public sector lender and bank, State Bank of India (SBI), has waived off closing costs for savings account holders. The closure fee waiver is applicable for accounts which are at least 1 year old or less than 14 days old.
Earlier, SBI was charging Rs 500 along with Goods and Service Tax (GST) as closure costs for its savings account customers. But now, the customers who close their accounts within 14 days after opening are exempted from any charges. The revised charges for closing a savings account are effective from October 1, 2017.
For customers, who close their accounts after 14 days and before completing 1 year of opening an account will be charged Rs 500 plus GST, the bank had said in a notification.
Check the tweet from the official SBI handle on this matter:
IMPORTANT ANNOUNCEMENT: Savings Bank Account Closure Charges Revised with effect from 1st October 2017. pic.twitter.com/Y9bbBTZcoD
— State Bank of India (@TheOfficialSBI) 26 सितंबर 2017