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Monday, May 1, 2017

State Bank of India(SBI) Savings Account - Minimum Balance Fine And Other Details

State Bank of India(SBI)customers holding savings bank accounts with India's largest lender have to pay fine for not complying with minimum balance rules.

 SBI, which recently unveiled a new identity after its merger with six other banks, charges the customers on the basis of where their accounts are located. In case the minimum balance in an SBI savings bank account - in metro, urban, semi-urban or rural areas - drops below a particular threshold, a fee is levied on the account holder. 

Monthly average balance or MAB is the average of daily balances in the account during the month. 

For example, SBI customers in metros are required to maintain a monthly average balance of Rs. 5,000.

But what are the fines like? Let's take a detailed look at these requirements.

A regular review of your account will help you to ensure the average monthly balance is maintained and avoid the minimal charges.
Charges levied for not maintaining the minimum charges depend upon how much the average balance in the account is below the agreed minimum.

SBI requires its savings bank account customers in metros to maintain a monthly average balance of Rs. 5,000. In case the monthly average comes out to be between Rs. 2,500 and Rs. 5,000 - a shortfall of less than 50 per cent, a charge of Rs. 50 plus service tax will be levied, SBI said. For those with a shortfall of between 50 and 75 per cent (MAB from Rs. 1,250 to Rs. 2,500), a fee of Rs. 75 plus service tax will be charged, and Rs. 100 plus service tax for those keeping an average less than Rs. 749 (more than 75 per cent shortfall).
Shortfall SBI charges plus service tax
Over 75%Rs. 100
50-75%Rs. 75 
Till 50%Rs. 50 

For urban customers:
Shortfall SBI charges plus service tax
Over 75%Rs. 80 
50-75%Rs. 60 
Till 50%Rs. 40 

For semi-urban customers:
Shortfall SBI charges plus service tax
Over 75%Rs. 75
50-75%Rs. 50 
Till 50%Rs. 25 

For rural customers:
Shortfall SBI charges plus service tax
Over 75%Rs. 50
50-75%Rs. 30 
Till 50%Rs. 20 

The Monthly Average Balance for an SB account is ₹1000: rural areas, ₹2000: semi-urban areas, ₹3000: urban areas and ₹5000: metros.

Meanwhile, SBI offers other types of accounts where it customers are not required to maintain a minimum balance. Small savings bank account and basic savings account are two such products offered SBI.

State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, besides Bharatiya Mahila Bank (BMB), became part of SBI with effect from April 1. After the merger, SBI has entered the league of top 50 global banks with a balance sheet size of Rs. 41 lakh crore, 2.77 lakh employees, 50 crore customers, over 22,500 branches and 58,000 ATMs. 

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