SBI Minimum Balance Rules, Penalty Charges For Insufficient Balance

State Bank of India (SBI) customers holding regular savings accounts with the lender are required to maintain a monthly average balance (MAB) to the tune of Rs 1,000-3,000, according to bank's corporate website- sbi.co.in. The monthly average balance, which is the average of end-of-day balances in the savings account in a month, varies depending on the location of the branch. Customers failing to meet the minimum balance, or MAB, requirements have to bear penalty charges, depending upon factors such as branch location and degree of shortfall from the required average..(Also read: Non-Maintenance Of Minimum Balance: Charges Levied By Key Banks Compared).Here are 5 things to know about SBI minimum balance rules:.1. SBI accounts are divided on the basis of locations into four categories of branches: metro, urban, semi-urban and rural. .2. SBI customers holding savings accounts in lender's metro and urban branches are required to maintain a monthly average balance (MAB) of Rs 3,000. The banking major charges a penalty amount ranging from Rs 10 plus GST (goods and services tax) to Rs 15 plus GST from customers failing to comply with the MAB rules in its metro and urban branches, according to bank's website..table.sbiTbln1 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 14px; margin: 10px 0px; } table.sbiTbln1 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.sbiTbln1 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; } table.sbiTbln1 th:last-child, table.sbiTbln1 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.sbiTbln1 { max-width: 100%; } table.sbiTbln1 th, table.sbiTbln1 td { display: table-cell; line-height: normal; } table.sbiTbln1 th:last-child, table.sbiTbln1 td:last-child { border-right: 0; } . Metro and urban branch (required MAB Rs 3,000) Charges Shortfall 50-75% Rs 12 + GST Shortfall > 75% Rs 15 + GST .(As mentioned on sbi.co.in).3. Customers with accounts in semi-urban areas are required to maintain an average monthly balance of Rs 2,000. The bank charges a penalty amount ranging from Rs 7.5 plus GST to Rs 12 plus GST from customers failing to comply with the minimum balance or MAB rules in semi-urban branches..table.sbiTblc3 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 14px; margin: 10px 0px; } table.sbiTblc3 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.sbiTblc3 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; } table.sbiTblc3 th:last-child, table.sbiTblc3 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.sbiTblc3 { max-width: 100%; } table.sbiTblc3 th, table.sbiTblc3 td { display: table-cell; line-height: normal; } table.sbiTblc3 th:last-child, table.sbiTblc3 td:last-child { border-right: 0; } . Semi-urban branch (required MAB Rs 2,000) Charges Shortfall 50-75% Rs 10 + GST Shortfall > 75% Rs 12 + GST .(As mentioned on sbi.co.in).4. Customers who belong to rural centres require maintaining a minimum balance of Rs 1,000. SBI has set penalty charges to the tune of Rs 5-10 plus GST for non-compliance with the monthly average balance rules in rural branches..table.sbiTblc2 { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 14px; margin: 10px 0px; } table.sbiTblc2 th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table.sbiTblc2 td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; } table.sbiTblc2 th:last-child, table.sbiTblc2 td:last-child { border-right: 0; } @media only screen and (max-device-width: 480px) and (min-device-width: 320px) { table.sbiTblc2 { max-width: 100%; } table.sbiTblc2 th, table.sbiTblc2 td { display: table-cell; line-height: normal; } table.sbiTblc2 th:last-child, table.sbiTblc2 td:last-child { border-right: 0; } . Rural (required MAB Rs 1,000) Charges Shortfall 50-75% Rs 7.50 + GST Shortfall > 75% Rs 10 + GST .(As mentioned on sbi.co.in).5. However, SBI also offers certain accounts where MAB rules are not applicable. These are known as zero balance savings accounts and do not require customers to maintain any particular minimum average balance. Financial Inclusion accounts including PMJDY accounts, basic savings bank deposit accounts, Phela Kadam and Pheli Udaan accounts are some of the SBI zero balance savings account.

SBI Minimum Balance Rules, Penalty Charges For Insufficient Balance

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