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 is between Rs 1499 and Rs 750 then the penalty will be Rs 40. If the balance is below Rs 750 then they have to pay Rs 50 as penalty.
Urban: SBI account holders in the urban region will have to maintain Rs 3000 as monthly average balance. The penalties and conditions for urban area customers will be the same as for the Metro cities.
Semi Urban: The monthly average balance for the semi urban remain unchanged and its Rs 2000. Wheere as penalties for non maintaince have been slashed, If there MAB is between Rs 1999 and Rs 1000 they have to pay a fine of Rs 20. The semi urban SBI customers will have to pay Rs 30 if their MAB is between Rs 999 and Rs 500. For MAB less than Rs 500 they will now have to pay a penalty of Rs 40.