Here are 10 things to know about SBI minimum balance rules:
SBI customers holding savings accounts in metro and urban branches are required to maintain a MAB of Rs 3,000.
Customers with accounts in semi-urban areas are required to maintain an average monthly balance of Rs 2,000.
Customers with accounts in rural areas are required to maintain a minimum balance of Rs 1,000.
Customers failing to meet the MAB requirements have to bear a penalty charge, the amount of which depends on factors such as branch location.
The degree of shortfall, which is the difference between the average balance maintained in a month and the minimum required balance, is also taken into account while levying the charges.
The lender charges a penalty amount ranging from Rs 10 plus GST (goods and services tax) to Rs 15 plus GST from customers failing to comply with the MAB rules in its metro and urban branches, according to SBI.
The bank charges a penalty amount ranging from Rs 7.5 plus GST to Rs 12 plus GST from customers failing to comply with the minimum balance or MAB rules in semi-urban branches.
SBI has set penalty charges to the tune of Rs 5-10 plus GST for non-compliance with the monthly average balance rules in rural branches.
The banking major also offers the facility of opening zero balance account, where MAB rule is not applicable. One of the zero balance accounts offered by SBI is basic savings bank deposit (BSBD) account, where the customer is not required to maintain any minimum monthly balance.
Basic Savings Bank Deposit (BSBD) account is primarily meant for economically weaker sections of society to encourage them to start saving without any burden of charges or fees, according to SBI.