SBI customer attention! Know how much balance you need to keep in savings account or pay hefty penalty
SBI customer attention! The country's largest lender State Bank of India (SBI) has revised the minimum balance rules that all customers should know. SBI account holder needs to keep a certain amount of money in their savings accounts or will have to pay a hefty penalty.
The SBI bank has prescribed certain average monthly balances (AMB) for those holding savings accounts at its four types of branches. The customers who hold savings accounts at metros or semi-urban branches are required to maintain an average monthly balance of Rs 3,000, according to the lender's corporate website - sbi.co.in. Meanwhile, customers who do not maintain the minimum monthly balance in their accounts have to pay a penalty.
According to the SBI website, the monthly balance requirement and the subsequent penalty charges for non-compliance are applicable to savings accounts.
Minimum Balance Required In SBI Savings Bank Account
| Branch type | Required average monthly balance |
|---|---|
| Metro/Urban | Rs. 3,000 |
| Semi Urban | Rs. 2,000 |
| Rural | Rs. 1,000 |
| (Source: sbi.co.in) | |
Penalty Charges Applicable In SBI Metro And Urban Branches
| Shortfall | Charges for not meeting required AMB |
|---|---|
| Less than 50% | Rs. 10 + GST |
| More than 50% up to 75% | Rs. 12 + GST |
| More than 75% | Rs. 15 + GST |
| (Source: sbi.co.in) | |
Penalty Charges In SBI Semi-Urban Branches
| Shortfall | Charges for not meeting required AMB |
|---|---|
| Less than 50% | Rs. 7.5 + GST |
| More than 50% up to 75% | Rs. 10 + GST |
| More than 75% | Rs. 12 + GST |
| (Source: sbi.co.in) | |
Penalty Charges In SBI Rural Branches
| Shortfall | Charges for not meeting required AMB |
|---|---|
| Less than 50% | Rs. 5 + GST |
| More than 50% up to 75% | Rs. 7.5 + GST |
| More than 75% | Rs. 10 + GST |
| (Source: sbi.co.in) | |
To be noted, these charges are not applicable to State Bank of India (SBI) salary accounts, small savings accounts, basic savings accounts, and bank accounts opened under the government's financial schemes like Jan Dhan scheme, among others.
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