- SBI charges up to Rs. 100/month for not maintaining minimum balance
- Minimum monthly average balance requirements vary according to place
- In metro cities, the monthly average balance requirement is Rs 5,000
SBI or State Bank of India charges a penalty up to Rs. 100 (excluding GST of 18 per cent) per month for not maintaining monthly average balance in savings bank accounts. Banks can levy charges on non-maintenance of minimum balance in normal savings accounts. Customers holding SBI savings bank accounts in metro, urban, semi-urban and rural branches need to pay different penalty amounts for non-maintenance of MAB (monthly average balance), according to SBI website. SBI has specified penalty for various ranges of shortfall for its savings bank customers, according to the four categories of branches.
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 taxes will be levied. 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.
(Read:SBI ATM Withdrawal, Cheque Book, Other Transaction Charges. Details Here)
Meanwhile, for savings accounts with average balance of more than Rs 2,500, SBI will charge a penalty of Rs 50, plus taxes.
However, for account holders in urban areas other than metros, semi-urban and rural areas, the MAB requirements are Rs 3,000, Rs 2,000 and Rs 1,000 respectively. Here are the details of penalty for not maintaining MAB for these accounts.
How to avoid fine under SBI's minimum balance rules
"A regular review of your account will help you to ensure the average monthly balance is maintained and avoid the minimal charges," SBI has said on microblogging site Twitter.
Election Results for Lok Sabha Election 2019 will be out on May 23. Get the latest election news and live updates on ndtv.com/elections. Catch all the action on NDTV Live. Like us on Facebook or follow us on Twitter and Instagram for news updates from each of the 543 parliamentary seats for the election 2019