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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
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.
