INSUBCONTINENT EXCLUSIVE:
SBI or State Bank of India requires its savings account holders to meet its monthly average balance requirements
SBI, the country's largest bank, also provides certain types of bank accounts that do not require the customers to maintain any particular
average of daily balances in a month
(BSBD) account, and savings account for minors (Pehla Kadam and Pehli Udaan) are among these accounts, according to SBI's website -
sbi.co.in.Here's a comparison of three of the zero balance accounts provided by SBI:Basic accountSBI's basic account provides an
interest rate of 3.5 per cent on a balance up to Rs 1 crore and 4 per cent on a balance above Rs 1 crore, same as the savings bank
Customers already having a savings bank account are required to close the same within 30 days of opening the basic savings bank account
Bank of India (SBI) offers two types of savings accounts for minors: Pehla Kadam and Pehli Udaan
While the Pehla Kadam account can be opened in the name of an individual aged below 18 years, the Pehli Udaan account is meant for those are
above 10 years of age, according to the SBI website
Deposits in these bank accounts also earn the same interest rate as the regular savings account.SBI monthly average balance rulesUnder the
monthly average balance or MAB rules set by SBI, the bank's customers need to maintain an average balance of Rs 1,000-Rs 3,000 in a month
in regular savings accounts
Failing to meet the MAB rules leads to penalty ranging from Rs 5 to Rs 15, depending on the degree of shortfall and location of branch,
ways such as SMS, email and letter
The penalty charges are applied in case the required balance is not restored in the account within a month from the date of notice,
"In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of
shortfall, penal charges may be recovered under intimation to the account holder," SBI explains.
