Minimum balance requirement for SBI savings account

Public sector behemoth State Bank of India (SBI) has introduced minimum balance requirement in savings accounts from April 1.

Apr 23, 2017 03:04 IST India Infoline News Service

Public sector behemoth State Bank of India (SBI) has introduced minimum balance requirement in savings accounts from April 1. The bank will charge a fee to the account holder, if the minimum balance drops below a threshold limit.
 
The minimum balance requirement for the bank customers is different depending upon areas such as metro, urban, semi-urban and rural.
 
According to the bank, the minimum balance in savings bank account is the monthly average balance - the average of daily balances in the account during the month.
 
Following are the details:
Area Minimum Average Monthly Balance
Metro Rs 5,000
Urban Rs 3,000
Semi-urban Rs 2,000
Rural Rs 1,000

The penalty for non-maintenance of minimum balance ranges from Rs 50 to Rs 100, plus service tax.
 
For metropolitan areas:
Shortfall Charges
Over 75% Rs 100 plus service tax
50-75% Rs 75 plus service tax
Under 50% Rs 50 plus service tax
 
For rural areas:
 
The penalty for non-maintenance of minimum balance ranges from Rs 20 to Rs 50, plus service tax.

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