- SBI small, basic savings accounts exempt from minimum balance requirement
- No such requirement for Jan-Dhan accounts, corporate salary accounts also
- SBI savings account holders need to maintain monthly balance averages
Hitting 31 crore depositors including pensioners and students, SBI increased the minimum balance required for maintaining savings accounts from April 1.
SBI has increased to Rs 5,000 the monthly average balance required in case of savings bank accounts in metros branches. In case of non-compliance, the savings bank account holders will invite a penalty ranging from Rs 20 (in rural branches) to Rs. 100 (in metro cities), according to the bank's website.
Besides Jan Dhan accounts, here are the other three types of accounts SBI offers wherein you don't need to maintain minimum balance, according to its website:
@KumbharAshutosh Accounts opened under the following schemes will be exempt from the minimum balance requirements : (1/3)— State Bank of India (@TheOfficialSBI) May 29, 2017
Small savings bank account
SBI's small savings bank account has a maximum balance limit of Rs 50,000 and offers a rate of interest applicable to savings bank accounts. Account holders get an ATM-cum-Debit card, issued free of cost and without any annual maintenance charge, as per the SBI website. All credits in a financial year should not aggregate to more than Rs 1 lakh and Rs 10,000 in case of withdrawals and transfers.
SBI's basic savings account has no minimum balance or maximum balance limits. Holders of this account type "will not be eligible to open any other Savings Bank Account" at the bank. Such an account - in case the customer already holds one - will have to be closed within 30 days of opening the basic savings bank deposit account.
Corporate salary package
SBI's salary accounts under corporate salary package offer many benefits to the employer and the employee alike. This account type reduces employer's paperwork and salary administration cost. Employees get free internet banking and mobile banking services, among other features, as per the SBI website.
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