Attitude of People Towards India Post Savings Bank Account

SBI, which accounts for more than a fifth of India's banking assets, charges a penalty up to Rs 100 (excluding GST of 18 per cent) per month for not maintaining the prescribed monthly average balance in savings bank accounts. Banks can levy charges for non-maintenance of minimum balance in normal savings accounts, as per Reserve Bank of India rules. Customers holding savings bank accounts in SBI's metro, urban, semi-urban and rural branches need to pay different penalty amounts for failing to comply with MAB or monthly average balance rules, according to SBI website. Meanwhile, for savings accounts with average balance of more than Rs 2, 500, SBI will charge a penalty of Rs. 50, plus taxes. In metros, State Bank of India allows eight free ATM transactions (5 at SBI ATMs and 3 at ATMs of other banks), and 10 in non-metros (5 at SBI ATMs and 5 at ATMs of other banks). If you exceed the permissible limit on ATM withdrawal, a charge of Rs 20 plus taxes will be levied for each additional withdrawal. The Post Office savings bank is the oldest and by far the largest banking system in the country, serving the investment need of both urban and rural clientele. There are lots of facilities available in the postal savings bank account. In this context, it is felt necessary to know the attitude of people towards India Post Savings Bank Account.