The State Bank of India (SBI) has newly introduced minimum balance standards for savings bank accounts effective from 1st April. As per the announcement of SBI, it has classified the minimum balance depending upon the region of the account holder. The SBI minimum balance will be depending on urban, semi-urban, metro, and rural accounts.
The minimum balance should be maintained by the customer. If the customers fail to maintain the minimum balance, the SBI is going to impose a charge fee on that particular account.
SBI Savings Account Minimum Balance Requirement Has Reset – Check Details
The SBI has said that ‘minimum balance in your savings bank account is the monthly average balance – the average of daily balances in the account during the month.’
The SBI minimum savings balance for Metro clients to be maintained Rs 5000 monthly.
The Minimum Savings bank account needed to maintain a monthly average balance (MAB) of Rs. 3,000, Rs. 2,000 in the case of those in semi-urban areas.
The minimum Savings Bank balance for rural areas is Rs 1000.
The SBI has reached out 31 Cr deposits; 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|
The penalty of Rs 20 to Rs 50 will be imposed on rural bank accounts if not maintained the minimum balance, also service tax will be added with this.
Also, the SBI is providing other types of bank accounts they do not need the minimum balance. The accounts such as Small savings bank account and basic savings account does not need any minimum balance in them.
Recently the State Bank of India was merged with its associative banks; State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, State Bank of Bikaner and Jaipur, besides Bharatiya Mahila Bank (BMB), has also become part of SBI with effect from April 1.
The SBI has become top of 50 Global banks after this merging. The SBI tops with 41 lakh cr balance, 50 Cr customers, 2.77 lakh employees, over 22,500 branches and 58,000 ATMs.