INSUBCONTINENT EXCLUSIVE:
SBI minimum balance rules: The bank imposes certain penalty charges on accounts with insufficient balanceState Bank of India (SBI) requires
its customers holding regulator savings bank accounts to maintain certain balance every month in order to avoid penalty charges
The amount of balance required in SBI's regular savings account - that is the minimum balance - varies from customer to customer,
Failure to maintain sufficient balance in the savings bank account attracts a penalty ranging from Rs 5 to Rs 15 (excluding GST) for the
to maintain an average monthly average to the tune of Rs 1,000-3,000 to avoid any penalty charges, according to the SBI
website.CategoryAverage monthly balance requirementMetroRs 3,000UrbanRs 3,000Semi UrbanRs 2,000RuralRs 1,000(Source: sbi.co.in)That means
complying with the monthly average requirement allows the SBI customer - or SBI savings account holder - to avoid the penalty charges.Now,
what are the penalty charges applicable in case the customer fails to maintain the required balance average in a monthSBI penalty charges
for non-maintenance of AMB in urban/metro SBI brancheslt;=50%Rs
semi-urban SBI brancheslt;=50%Rs
12.00 + GST(Source: sbi.co.in)( Planning a holiday How you can save with SBI Holiday Savings account)ShortfallPenalty for non-maintenance of
AMB in rural SBI brancheslt;=50%Rs
salary package accounts and small bank accounts - that do not require any particular average monthly balance
In other words, these savings account can be operated with nil balance.Get the latest election news, live updates and election schedule for
Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
