SBI Minimum Balance Rules: How Much Fine You Pay For Insufficient Funds
SBI savings bank account holders need to maintain monthly average balance Failure to maintain average balance will attract penalty Charges vary depending upon branch where savings bank account held
Do you hold a savings bank account in State Bank of India? India's largest bank SBI levies charges on its customers not maintaining specified amounts in their savings bank accounts. SBI, which revised last month the minimum balance requirements for maintaining savings accounts, levies the fine on the basis of branch location in which the customer has account. Such penalty by SBI varies depending upon where the customer holds the account - whether it's rural, urban, semi-urban or metro branch. This was said by SBI on microblogging site Twitter. SBI has divided the penalty applicable in case of non-compliance with its minimum balance or "monthly average balance (MAB)" requirements for savings bank accounts into four categories - rural, semi-urban, urban and metro.
Here are some other details about SBI's minimum balance rules for its savings bank accounts:
What is monthly average balance or minimum balance?
Monthly average balance or MAB of an SBI savings bank account is the average of daily balances in the account in a month.
What is the minimum balance required in my SBI savings account?
What kind of charges apply?
