SBI Minimum Balance for savings account: Check out new rates

SBI Minimum Balance for savings account: Check out new rates
SBI Minimum Balance for savings account: Check out new rates

New Delhi : SBI Minimum Balance: Like many other banks, the State Bank of India (SBI) also asks its customers to maintain a minimum average monthly balance, which is a minimum average of deposits required by the bank customers in their savings bank accounts. 

Customers who fail to do so are charged with a penalty that can vary on the basis of branch location. The penalty is applicable only on the accounts that come under an obligation of AMB.

SBI account in metro/urban states

The State Bank of India customers who have their bank accounts in metro/urban states are required to maintain a minimum balance of Rs 3000. Customers who maintain a balance equal to or less than 50 per cent of the required monthly balance are charged Rs. 10 per month plus the applicable GST (Goods and Services Tax) rate, said SBI. If their average monthly balance is less than 50-75 per cent of the AMB, customers are charged Rs. 12 per month plus GST rate. If the balance falls below 75 per cent of the AMB, SBI charges a penalty of Rs 15 per month plus GST rate.

SBI customers with accounts in semi-urban centres

Customers with accounts in semi-urban areas are required to maintain an average monthly balance of Rs 2,000. If the balance falls short by up to or less than 50 per cent of the required AMB, SBI charges Rs. 7.50 per month plus GST rate. If the monthly average balance is less than 50-75 per cent of Rs. 2,000, the penalty charged is Rs. 10 per month plus GST. If the balance falls below 75 per cent of the AMB, the bank charges a penalty of Rs. 12 plus GST.

SBI customers with accounts in rural centres

Customers who belong to rural centres require maintaining a minimum balance of Rs 1,000. If the average monthly balance falls short by up to or less than Rs. 500, the penalty levied is Rs. 20 per month plus GST rate. If the balance is less than 50-75 per cent of the AMB required maintaining, SBI charges Rs. 7.50 plus GST. If the shortfall is less than 75 per cent, SBI levies a penalty of Rs. 10 plus GST, said SBI.