SBI REDUCES MINIMUM BALANCE FOR SAVINGS ACCOUNTS

The state bank of india which is one of the largest public sector bank in india revised the minimum account balance for its saving accounts as well as penalties for non maintainance of minimum balance. SBI account holders will now have to maintain a monthly average balance of Rs 3000 instead of Rs 5000. The average balance for SBI Savings account holders in metro cities has come down to what those in urban areas are supposed to maintain. SBI has also revised the penalties for account holders who fail to maintain the stipulated balance in their savings accounts. Account holders still have to pay GST over and above the fine they have incurred.The new minimum balance rules will be effective from October 1st.

Monthly average balances SBI Customers will have to pay depending on their region and what are the penalties for not maintain the Mothly average balance:

Metro: For account holders in the metro region they have to maintain Rs. 3000 as Monthly average balance. If the MAB falls between Rs 2999 and Rs 1500 then the account holder have to pay a penalty of Rs 30 and if the average balance Read more...