Here's How Much SBI Charges For Non-Maintenance Of Minimum Balance

Commercial banks such as State Bank of India (SBI) have defined certain rules to ensure sufficient balance in the bank accounts of customers. SBI requires the holders of its regular savings account to maintain a monthly average balance (MAB) to the tune of Rs 1,000-Rs 3,000, according to the bank's 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- metro, urban, semi-urban and rural. A failure to meet the MAB criteria set by the SBI leads to levy of a penalty charge on the customers. (Also read: Latest Fixed Deposit (FD) Interest Rates Offered By SBI).SBI accounts are categorised into four types depending on their location: metro, urban, semi-urban and rural. 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 - 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 charges levied by SBI for insufficient balance in savings account:.table { border-top: solid 1px #ccc; border-left: solid 1px #ccc; border-right: solid 1px #ccc; font-size: 16px; } table th { background-color: #f5f5f5; padding: 5px 10px; border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; } table td { border-bottom: solid 1px #ccc; border-right: solid 1px #ccc; padding: 5px 10px; line-height: 18px; } table td:last-child, table th:last-child { border-right: none; } /*Media Query start*/ @media only screen and (max-width: 760px), (min-device-width: 768px) and (max-device-width: 1024px) { /* Force table to not be like tables anymore */ table, thead, tbody, th, td, tr { font-size: 14px; } } /* Smartphones (portrait and landscape) ----------- */ @media only screen and (min-device-width : 320px) and (max-device-width : 480px) { body { padding: 0; margin: 0; } table, thead, tbody, th, td, tr { font-size: 14px; } table th { padding: 4px; } table td { padding: 4px; } table th:nth-child(1), table td:nth-child(1), } } /* iPads (portrait and landscape) ----------- */ @media only screen and (min-device-width: 768px) and (max-device-width: 1024px) { body { width: 495px; } } /*Media Query END*/ . Metro and urban branch (required MAB Rs 3,000) Charges Shortfall 50-75% Rs. 12 + GST Shortfall > 75% Rs. 15 + GST Semi-urban branch (required MAB Rs 2,000) Shortfall 50-75% Rs 10 + GST Shortfall > 75% Rs.12 + GST Rural (required MAB Rs 1,000) Shortfall 50-75% Rs. 7.50 + GST Shortfall > 75% Rs 10 + GST .(As mentioned on SBI's website - sbi.co.in).SBI also offers the facility of opening zero balance account, where MAB rule is not applicable. One of the zero balance accounts offered by SBI is basic savings bank deposit (BSBD) account, where the customer is not required to maintain any minimum monthly balance.

Here's How Much SBI Charges For Non-Maintenance Of Minimum Balance

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