After reducing the minimum average balance requirement together with penalty for not maintaning it by approximately 20-50% across customers in the metro, urban and rural branches, the state-run lender has with effect from October 1st also waived closure charges levied on closing savings account with the bank. The condition to this effect is that the customer should have maintained the account for atleast a year.
Earlier, the bank used to charge a minimum of Rs. 500 and applicable GST towards closure charges barring customers who closed the account within the free look period of 14 days.
Under the new notification, the charges have also been waived for customers who are now switching to a BSBD account with the bank and are closing their regular savings account.
Also, while the account is being settled for a deceased person, no account closure charges apply on his account as well.
Nonetheless, if the account is being closed within the stipulated one year's time then the charges to the tune of Rs. 500 together with GST shall apply.