SBI Account: Don’t Have Minimum Balance

SBI Account: Don't Have Minimum BalanceA new policy has instated for the SBI Account-holders has approach. State Bank of India has made it compulsory to keep minimum Balance of Rs. 5,000 in your SBI account. If you don’t Have Minimum Balance in your saving account then you will be charged Fine from April 1 onward. Different amount of fine will be charged depending on the difference between the minimum balance required and the shortfall. The required minimum balance will vary for all Account-holders on the basis of minimum average monthly balance. To get the complete information regarding SBI fine for minimum balance you have to read this article.

SBI Account: Don’t Have Minimum Balance

So, those who have State Bank of India Saving account must maintain minimum monthly average balance as given below –

  • In metropolitan areas – Rs 5,000
  • In urban areas – Rs 3000
  • In semi-urban areas – Rs 2,000
  • In rural areas – Rs 1,000

SBI customers will be charged differently according to their area and difference between the minimum balance required and the shortfall as given below-

  • For metropolitan areas, if the shortfall is greater than 75 per cent, the charges would be Rs 100-plus service tax.
  • For urban areas, if the shortfall in Monthly Account Average Balance(MAB) is less than 50 per cent, then a charge of Rs 40 plus service tax will be levied.
  • For semi-urban areas if amount in the account is between 50 and 75 per cent, then the account holder will have to pay Rs 60 plus service tax.
  • For rural areas, the plenty for non balance is more than 75 per cent, a charge of Rs 80 plus service tax will be levied.

Check Out: SBI Bank Customer Care Number

Earlier SBI had relaxed the minimum balance criteria to attract more customers and this happen too. As more people have opened their saving account with SBI. Now the bank is set to join five associate banks with itself, with around 50 crores customer. Therefore this latest news i.e. to keep minimum amount of balance in your account will help the bank in getting attractive profits even if only a portion of the customers default in maintaining MAB.

Some More Points to Know

SBI has reduced interest rates on term deposits maturing between 180 days and one year, and between 456 days and three years with effect from March 1.

State Bank of India will now pay 6.5 per cent on deposits with maturities between 180 days and less than one year, and 6.75 per cent on those maturing between 456 days and less than three years.

The public sector lender would also renew from April 1, the Rs 50 charge for people carrying out over three cash transactions at its branch within a month. This charge is applicable currently as well. However, there is no upper limit on the amount of cash transacted.

Look Out: National/International Banks Contact No

Statement by SBI Official

“These cash transaction charges at branches are already existing. The same have been renewed for the next financial year from April 1. It is to deter the customers from visiting the branch but the charges are very nominal. As it is, the customer does not need to visit the branch often because we provide 10 free withdrawals in a month from ATMs,”

“The waiver would help the bank in improving the customer base”

We have given you the entire information regarding SBI Minimum Balance Charge that will be applied if you are unable to maintain the minimum balance required. We’ll keep updating all the upcoming information foe SBI Account holders. So you can bookmark this page by pressing Ctrl + D.


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