- SBI introduces savings account minimum balance requirement from April 1
- Minimum balance requirement varies depending on geographies, say SBI
- SBI requires savings bank account holders in metros to maintain Rs 5,000
Holders of SBI's savings bank account in urban areas need to maintain a monthly average balance (MAB) of Rs 3,000, Rs 2,000 in case of those in semi-urban areas and Rs 1,000 in rural areas. This was said on Thursday by SBI - which recently merged its operations with six other banks - on Twitter.
The Monthly Average Balance for an SB account is ₹1000: rural areas, ₹2000: semi-urban areas, ₹3000: urban areas and ₹5000: metros. pic.twitter.com/FOz1D2RJAO— State Bank of India (@TheOfficialSBI) April 20, 2017
Hitting 31 crore depositors, SBI will charge a fee ranging from Rs 50 to Rs 100 plus service tax in case of non-compliance with minimum balance requirements.
For metropolitan areas:
|Over 75%||Rs 100 plus service tax|
|50-75%||Rs 75 plus service tax|
|Under 50%||Rs 50 plus service tax|
Meanwhile, SBI offers other types of accounts where it customers are not required to maintain a minimum balance. Small savings bank account and basic savings account are two such products offered SBI.
State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, besides Bharatiya Mahila Bank (BMB), became part of SBI with effect from April 1. After the merger, SBI has entered the league of top 50 global banks with a balance sheet size of Rs 41 lakh crore, 2.77 lakh employees, 50 crore customers, over 22,500 branches and 58,000 ATMs.