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SBI minimum balance

SBI minimum balance for savings account

Posted on 4th April 201816th October 2023 by Team Smart web

The SBI minimum balance conditions are updated by the bank. New minimum balance rules announced recently by the State Bank of India. The new charges will be applicable from April 1, 2018. SBI reduced the minimum balance penalty charges to 75 per cent and currently charges a penalty for non-compliance with its average monthly balance rules.

According to the last notification by the bank, the SBI customers holding savings bank accounts with the bank’s metro and urban branches were required to maintain a monthly balance of Rs 3000 from October 1. The customers in semi-urban SBI branches were required to maintain a Rs 2000 monthly balance and the rural branch customers had to maintain a Rs 1000 balance.

Now, the AMB for customers in Metro and Urban centres have been reduced from a maximum of Rs. 50/- p.m. plus GST to Rs. 15/- p.m. plus GST. Similarly, for Semi-Urban and Rural centres, the charges have been reduced from Rs. 40/- p.m. plus GST to Rs. 12/- and Rs. 10/- p.m. plus GST respectively.

Here are the new rates by SBI:

Metro & Urban (average monthly balance Rs. 3,000)Existing Charges per monthProposed Charges per month
Shortfall up to 50%Rs. 30 plus GSTRs. 10 plus GST
Shortfall of more than 50 percent up to 75 percentRs. 40 plus GSTRs. 12 plus GST
Shortfall of more than 75 percentRs. 50 plus GSTRs. 15 plus GST
Semi-Urban (average monthly balance Rs. 2,000)
Shortfall of less than 50 percentRs. 20 plus GSTRs. 7.50 plus GST
Shortfall of more than 50 percent up to 75 percentRs. 30 plus GSTRs. 10.00 plus GST
Shortfall of more than 75 per centRs. 40 plus GSTRs.12.00 plus GST
Rural (average monthly balance Rs. 1,000)
Shortfall up to 50 percentRs. 20 plus GSTRs. 5.00 plus GST
Shortfall of more than 50 percent up to 75 percentRs. 30 plus GSTRs. 7.50 plus GST
Shortfall of more than 75 percentRs. 40 plus GSTRs. 10.00 plus GST

Conclusion

Keep in mind and always maintain the minimum balance. Happy Banking.

Post Views: 81

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