banking and finance

From April 1, SBI will reduce penalty it charges for not maintaining minimum balance

This is expected to benefit 25 crore customers.

From April 1, the State Bank of India will reduce its penalties for not maintaining a minimum balance by up to Rs 35 per month for metro centres and up to Rs 30 per month for rural branches. This is expected to benefit 25 crore customers, ANI reported.

India’s largest lender had started charging depositors the penalty on April 1, 2017. It requires savings accounts to maintain a minimum average monthly balance of Rs 3,000 in metropolitan areas, Rs 2,000 in semi-urban areas and Rs 1,000 in rural areas.

Here are the revised charges, exclusive of Goods and Services Tax:

  • In metropolitan areas, a shortfall of 50% or less in the average balance for a month will be penalised Rs 10 instead of Rs 30. A shortfall of 50% to 75% will now be charged Rs 12 instead of Rs 40. An even higher deficit, which is penalised Rs 50 now, will get a penalty of Rs 15 from April 1.
  • In semi-urban areas, the three penalties will be Rs 7.50 instead of Rs 20, Rs 10 instead of Rs 30 and Rs 12 instead of Rs 40.
  • In rural areas, the revised charges from April 1 will be Rs 10, Rs 12 and Rs 15, instead of Rs 30, Rs 40 and Rs 50.

“We have reduced these charges taking into account the feedback and sentiments of our customers,” said PK Gupta, SBI’s managing director of retail and digital banking. He added that depositors had the option to convert their regular savings accounts to basic savings deposit accounts, which do not fine holders if they do not maintain a minimum balance every month.

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Following a mountaineer as he reaches the summit of Mount Everest

Accounts from Vikas Dimri’s second attempt reveal the immense fortitude and strength needed to summit the Everest.

Vikas Dimri made a huge attempt last year to climb the Mount Everest. Fate had other plans. Thwarted by unfavourable weather at the last minute, he came so close and yet not close enough to say he was at the top. But that did not deter him. Vikas is back on the Everest trail now, and this time he’s sharing his experiences at every leg of the journey.

The Everest journey began from the Lukla airport, known for its dicey landing conditions. It reminded him of the failed expedition, but he still moved on to Namche Bazaar - the staging point for Everest expeditions - with a positive mind. Vikas let the wisdom of the mountains guide him as he battled doubt and memories of the previous expedition. In his words, the Everest taught him that, “To conquer our personal Everest, we need to drop all our unnecessary baggage, be it physical or mental or even emotional”.

Vikas used a ‘descent for ascent’ approach to acclimatise. In this approach, mountaineers gain altitude during the day, but descend to catch some sleep. Acclimatising to such high altitudes is crucial as the lack of adequate oxygen can cause dizziness, nausea, headache and even muscle death. As Vikas prepared to scale the riskiest part of the climb - the unstable and continuously melting Khumbhu ice fall - he pondered over his journey so far.

His brother’s diagnosis of a heart condition in his youth was a wakeup call for the rather sedentary Vikas, and that is when he started focusing on his health more. For the first time in his life, he began to appreciate the power of nutrition and experimented with different diets and supplements for their health benefits. His quest for better health also motivated him to take up hiking, marathon running, squash and, eventually, a summit of the Everest.

Back in the Himalayas, after a string of sleepless nights, Vikas and his team ascended to Camp 2 (6,500m) as planned, and then descended to Base Camp for the basic luxuries - hot shower, hot lunch and essential supplements. Back up at Camp 2, the weather played spoiler again as a jet stream - a fast-flowing, narrow air current - moved right over the mountain. Wisdom from the mountains helped Vikas maintain perspective as they were required to descend 15km to Pheriche Valley. He accepted that “strength lies not merely in chasing the big dream, but also in...accepting that things could go wrong.”

At Camp 4 (8,000m), famously known as the death zone, Vikas caught a clear glimpse of the summit – his dream standing rather tall in front of him.

It was the 18th of May 2018 and Vikas finally reached the top. The top of his Everest…the top of Mount Everest!

Watch the video below to see actual moments from Vikas’ climb.

Play

Vikas credits his strength to dedication, exercise and a healthy diet. He credits dietary supplements for helping him sustain himself in the inhuman conditions on Mount Everest. On heights like these where the oxygen supply drops to 1/3rd the levels on the ground, the body requires 3 times the regular blood volume to pump the requisite amount of oxygen. He, thus, doesn’t embark on an expedition without double checking his supplements and uses Livogen as an aid to maintain adequate amounts of iron in his blood.

Livogen is proud to have supported Vikas Dimri on his ambitious quest and salutes his spirit. To read more about the benefits of iron, see here. To read Vikas Dimri’s account of his expedition, click here.

This article was produced by the Scroll marketing team on behalf of Livogen and not by the Scroll editorial team.