State Bank of India or SBI has introduced minimum balance requirement in savings accounts from April 1. The minimum balance requirement for SBI customers varies depending on geographies such as metro, urban, semi-urban and rural. If the minimum balance drops below a particular threshold, SBI will charge a fee from the account holder. SBI says the minimum balance in your savings bank account is the monthly average balance - the average of daily balances in the account during the month. SBI requires its savings bank account customers in metros to maintain a monthly average balance of Rs 5,000.
Holders of SBI's savings bank account in urban areas need to maintain a monthly average balance (MAB) of Rs 3,000, Rs 2,000 in case of those in semi-urban areas and Rs 1,000 in rural areas. This was said on Thursday by SBI - which recently merged its operations with six other banks - on Twitter.
The Monthly Average Balance for an SB account is ₹1000: rural areas, ₹2000: semi-urban areas, ₹3000: urban areas and ₹5000: metros. pic.twitter.com/FOz1D2RJAO— State Bank of India (@TheOfficialSBI) April 20, 2017
Hitting 31 crore depositors, SBI will charge a fee ranging from Rs 50 to Rs 100 plus service tax in case of non-compliance with minimum balance requirements.
For metropolitan areas:not required to maintain a minimum balance
Shortfall SBI charges Over 75% Rs 100 plus service tax 50-75% Rs 75 plus service tax Under 50% Rs 50 plus service tax Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
