- SBI fine for non-maintenance based on shortfall, branch category
- Metro branch savings account should have Rs 5,000 monthly average balance
- From July 1, tax on banking revised to 18% under GST
SBI has specified penalty for various ranges of shortfall for its savings bank customers depending on the categories of branches - rural, semi-urban, urban and metro. For example, if your SBI savings bank account is in one of the metro city branches, you need to maintain a monthly average balance of Rs. 5,000. Also, if the average balance maintained during a month comes out to be between zero and Rs. 1,500, or a shortfall of more than 75 per cent, a non-maintenance charge of Rs. 100 plus GST of 18 per cent will be levied for the month. In case the average balance remains within Rs. 1,500 and Rs. 2,500, which means a shortfall of less than 75 per cent and more than 50 per cent, a charge of Rs. 75 plus taxes will be levied, SBI has said.
Meanwhile, for savings accounts with average balance of more than Rs 2,500, SBI will charge a penalty of Rs. 50, plus taxes.
How to avoid fine under SBI's minimum balance rules
Personal finance experts suggest maintaining only one or two savings bank accounts at a time, so that it will be easier to maintain the required average monthly balance in them.
Meanwhile, SBI in a Twitter post said: "A regular review of your account will help you to ensure the average monthly balance is maintained and avoid the minimal charges."
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