Race of MAB waiver in PSBs

[tuhin]

Update1: Indian Bank has now declared zero MAB charges.


Recently I am seeing a new race within PSBs to waive off Minimum Balance requirements. A few banks already waived off the charges as below:

1. SBI
2. CANARA BANK
3. CENTRAL BANK
4. PNB
5. BOB

I may miss any other bank's name who is already poked his nose into this new age race. Please let me know your view on it & how are getting benefitted from this changes?

Thanks

 

[Aniket]

Recently I am seeing a new race within PSBs to waive off Minimum Balance requirements. A few banks already waived off the charges as below:

1. SBI
2. CANARA BANK
3. CENTRAL BANK
4. PNB
5. BOB

I may miss any other bank's name who is already poked his nose into this new age race. Please let me know your view on it & how are getting benefitted from this changes?

Thanks

All listed banks removed NMC for all of their accounts, except BOB. 🤡

 

[tuhin]

All listed banks removed NMC for all of their accounts, except BOB. 🤡

BOB also removed yesterday late night except premium accounts.

Still a few banks haven't taken any action yet on this part:

1. UCO Bank
2. Indian Bank
3. Union Bank
4. Bank of Maharashtra
5. IOB
6. PSB
7. Bank of India

 

[Aniket]

BOB also removed yesterday late night except premium accounts.

By saying all listed banks removed NMC for all of their accounts, except BOB. 🤡
I meant to say, BOB is the odd, didn't remove NMC on all accounts like other banks, added a clause: excluding premium savings account. Premium Savings Account comprises of 35 accounts, where 30 accounts have MAB requirment even numerous accounts have 500-3k (rep. 1k) AMB & applicable for NMC as well.

 

[tuhin]

By saying all listed banks removed NMC for all of their accounts, except BOB. 🤡
I meant to say, BOB is the odd, didn't remove NMC on all accounts like other banks, added a clause: excluding premium savings account. Premium Savings Account comprises of 35 accounts, where 30 accounts have MAB requirment & applicable for NMC as well.

Does BOB have 35 types of accounts!!! 🧐 Do you have the lists which are not included in this list for MAB waiver?

 

[vine]

So,
Now that we have zero NMC, which of these accounts in these banks are good?
Mostly for general use, UPI, and a free DC with good features?

 

[HumorSimpson]

I sense some scam here. With no NMC people will not close their rarely used accounts and these unwatched accounts could be used by bank for fraudulent transactions.

 

[tuhin]

So,
Now that we have zero NMC, which of these accounts in these banks are good?
Mostly for general use, UPI, and a free DC with good features?

I don't think any one of the above banks can offer zero AMC DC. More or less, every one of them has SMS alerts charges (mostly).

I think SBI was the front runner in this race already. They have zero balance, zero sms charges even virtual dc available through YONO or OnlineSBI but others are not offering the same except BOB to some extent where their offerings are at par with SBI.

 

[6ix9ine]

I don't think any one of the above banks can offer zero AMC DC. More or less, every one of them has SMS alerts charges (mostly).

I think SBI was the front runner in this race already. They have zero balance, zero sms charges even virtual dc available through YONO or OnlineSBI but others are not offering the same except BOB to some extent where their offerings are at par with SBI.

SBI changed everything way back in 2020.

 

[vine]

SBI changed everything way back in 2020.

Can you give me the account names with zero NMC, zero charges and free phy/virtual DC.

 

[6ix9ine]

Can you give me the account names with zero NMC, zero charges and free phy/virtual DC.

You asked the same query a couple of months ago, and I gave you the same answer:

Open a regular account with a cheque facility (this can be useful in the future).

Physical DC is chargeable, but a virtual is free. There are no SMS charges, or NMC, or IMPS charges.

 

[tuhin]

I sense some scam here. With no NMC people will not close their rarely used accounts and these unwatched accounts could be used by bank for fraudulent transactions.

Indian Banks are strongly regulated & bounded by domestic & international laws. Hence, such scam is not possible. Yes, people will start abandoning their SB accounts shortly.

This waiving off is showing PSBs fear of having a major cash/liquidity crunch where people are becoming loan hungry only. I don't think that people will think much to keep minimum assets in banks for their emergency funds & others will channelise in several other flows like MFs/Stocks/Bonds etc.

 

[vine]

You asked the same query a couple of months ago, and I gave you the same answer:

SBI is scary 😁

 

[tuhin]

SBI is scary 😁

Yes definitely! Most of the times server is not available/many other issues, not reliable at all. BOB has a delay in SMS alerts otherwise comparatively better than SBI anyway. PNBs service (online/offline) is horrible. PNB server is comparatively good but mobile app to NetBanking everything ghatia