State Bank of India or SBI offers a range of facilities under its personal finance portfolio such as deposit accounts, money transfer service, net banking and ATM cards. However, the lender also charges its customers for some of these services. The bank has fixed a certain monthly average balance (MAB) requirement for its savings bank account customers. Failing to meet the MAB requirement leads to levy of a penalty charge. SBI requires its customers holding regular savings accounts to maintain a monthly average of Rs 1,000-3,000 to avoid any penalty charges, according to the bank's website - sbi.co.in
State Bank of India or SBI offers a range of facilities under its personal finance portfolio such as deposit accounts, money transfer service, net banking and ATM cards. However, the lender also charges its customers for some of these services. The bank has fixed a certain monthly average balance (MAB) requirement for its savings bank account customers. Failing to meet the MAB requirement leads to levy of a penalty charge. SBI requires its customers holding regular savings accounts to maintain a monthly average of Rs 1,000-3,000 to avoid any penalty charges, according to the bank's website - sbi.co.in
State Bank of India or SBI offers a range of facilities under its personal finance portfolio such as deposit accounts, money transfer service, net banking and ATM cards. However, the lender also charges its customers for some of these services. The bank has fixed a certain monthly average balance (MAB) requirement for its savings bank account customers. Failing to meet the MAB requirement leads to levy of a penalty charge. SBI requires its customers holding regular savings accounts to maintain a monthly average of Rs 1,000-3,000 to avoid any penalty charges, according to the bank's website - sbi.co.in
Given below are different types of service fees and penalty charges levied by SBI:
SBI's regular savings account opening/closing charges
There are no account opening and closure charges for SBI customers, according to the website of the lender.
SBI's ATM card usage charges
SBI offers ATM-cum-debit cards but levy certain usage charges. Here are the various types of charges levied by SBI, as stated on bank's website:
SBI's penalty charges for non-compliance of minimum balance rule
Customers failing to meet the MAB requirements have to bear a penalty charge, the amount of which depends on factors such as branch location. The degree of shortfall, which is the difference between the average balance maintained in a month and the minimum required balance, is also taken into account while levying the charges. Here are the penalty charge levied by SBI for not maintaining the required MAB in metro and urban branches:
(As mentioned on sbi.co.in)
Here are the penalty charge levied by SBI for not maintaining the required MAB in semi-urban branches:
(As mentioned on sbi.co.in)
Here are the penalty charge levied by SBI for not maintaining the required MAB in rural branches:
(As mentioned on sbi.co.in)
Meanwhile, SBI said that it would offer repo rate-linked home loans from July 1, 2019. It also announced reduced interest rate on cash credit account and over draft customers with limits of over Rs. 1 lakh, from July. The current repo-linked lending rate (RLLR) for cash credit and overdraft customers is 8 per cent.
Sign Up with Google
RECOMMENDED FOR YOU
POPULAR