SBI minimum balance: Customers are required to maintain an average of Rs 3,000 a month in metro branchesState Bank of India (SBI) - the country's largest bank - has prescribed certain average monthly balances (AMB) for those holding savings accounts at its four types of branches.
For example, SBI customers holding regular savings accounts at its branches located in metros or semi-urban regions are required to maintain an average monthly balance of Rs 3,000, according to the lender's corporate website - sbi.co.in.
Any shortfall in the required monthly average attracts a penalty charge the customer has to bear.
The monthly balance requirement and the subsequent penalty charges for non-compliance are applicable to savings accounts, according to the SBI website.
( SBI minimum balance rules explained)Minimum Balance Required In SBI Savings Bank AccountBranch typeRequired average monthly balanceMetro/UrbanRs 3,000Semi UrbanRs 2,000RuralRs 1,000(Source: sbi.co.in)Penalty Charges Applicable In SBI Metro And Urban BranchesShortfallCharges for not meeting required AMBLess than 50%Rs 10 + GSTMore than 50% up to 75%Rs 12 + GSTMore than 75%Rs 15 + GST(Source: sbi.co.in)Penalty Charges In SBI Semi-Urban BranchesShortfallCharges for not meeting required AMBLess than 50%Rs 7.5 + GSTMore than 50% up to 75%Rs 10 + GSTMore than 75%Rs 12 + GST(Source: sbi.co.in)Penalty Charges In SBI Rural BranchesShortfallCharges for not meeting required AMBLess than 50%Rs 5 + GSTMore than 50% up to 75%Rs 7.5 + GSTMore than 75%Rs 10 + GST(Source: sbi.co.in)These balance restrictions do not apply to State Bank of India (SBI) salary accounts, basic savings accounts, small savings accounts and bank accounts opened under the government's financial inclusion-focused Jan Dhan scheme, among others, according to the lender's website.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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