SBI Decreases Charges up to 75% For Not Maintaining of Minimum Balance

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SBI Minimum Balance Charges for SB Accounts
SBI Minimum Balance Charges for SB Accounts

SBI Minimum Balance Charges for SB Accounts decreased. State Bank of India cut down the charges imposing for not maintaining average monthly balance (AMB) up to 75 percent. SBI has said that this will come into effect from 1st April 2018 and this will benefit 25 crore customers across India.

In a press conference, SBI said, the minimum charges were reduced based on the feedback received from various stakeholders. Currently, SBI imposing penalty for not complying with its AMB rules depending on the degree of shortfall and type of branch.

SBI has revised the current penalty charges for not adhering to maintaining average minimum balance. Bank also offers its customers to shift from regular savings bank account to BSBD account on which no charges are levied.

SBI Minimum Balance Charges for SB Accounts

The proposed penalty charges will be in effect w.e.f. 1st April. There are different charges for Metro & Urban, semi-urban and rural villages with an additional tax of GST.

In metro & urban, the bank will charge minimum Rs.10 plus GST and the maximum charge is Rs.15 plus GST. The charges were reduced from Rs.50 to Rs.15. The minimum balance in metro and urban cities are Rs.3000.

In semi-urban, SBI will charge a minimum of Rs.7.50 and the maximum charge of Rs.12 plus GST. Earlier the maximum charges were Rs.40 and reduced to Rs.12. Average monthly balance for semi-urban areas is Rs.2000.

India’s largest bank State Bank of India has proposed to charge maximum of Rs.10 and minimum of Rs.5 plus GST in rural areas. The minimum balance in rural villages is Rs.1000.

Read | YONO Digital Bank App for apply loans, SB Accounts

The bank is having currently 41 crores savings bank accounts. PMJDY / BSBD and of pensioner/minors/social security benefit holders are exempted. Besides, students up to the age of 21 years are also exempted.

SBI Minimum Balance Charges for SB Accounts in different cities

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