SBI accounts are divided on basis of locations into 4 categories of branches.State Bank of India (SBI) customers holding regular savings accounts with lender are required to maintain a monthly average balance (MAB) to tune of Rs 1,000-3,000, according to bank's corporate website- sbi.co.in.
The monthly average balance, which is average of end-of-day balances in savings account in a month, varies depending on location of branch.
Customers failing to meet minimum balance, or MAB, requirements have to bear penalty charges, depending upon factors such as branch location and degree of shortfall from required average.(Non-Maintenance Of Minimum Balance: Charges Levied By Key Banks Compared)1.
SBI accounts are divided on basis of locations into four categories of branches: metro, urban, semi-urban and rural.2.
SBI customers holding savings accounts in lender's metro and urban branches are required to maintain a monthly average balance (MAB) of Rs 3,000.
The banking major charges a penalty amount ranging from Rs 10 plus GST (goods and services tax) to Rs 15 plus GST from customers failing to comply with MAB rules in its metro and urban branches, according to bank's website.Metro and urban branch (required MAB Rs 3,000)ChargesShortfall <= 50%Rs 10 + GSTShortfall > 50-75%Rs 12 + GSTShortfall > 75%Rs 15 + GST(As mentioned on sbi.co.in)3.
Customers with accounts in semi-urban areas are required to maintain an average monthly balance of Rs 2,000.
The bank charges a penalty amount ranging from Rs 7.5 plus GST to Rs 12 plus GST from customers failing to comply with minimum balance or MAB rules in semi-urban branches.Semi-urban branch (required MAB Rs 2,000)ChargesShortfall <= 50%Rs 7.50 + GSTShortfall > 50-75%Rs 10 + GSTShortfall > 75%Rs 12 + GST(As mentioned on sbi.co.in)4.
Customers who belong to rural centres require maintaining a minimum balance of Rs 1,000.
SBI has set penalty charges to tune of Rs 5-10 plus GST for non-compliance with monthly average balance rules in rural branches.Rural (required MAB Rs 1,000)ChargesShortfall <= 50%Rs 5 + GSTShortfall > 50-75%Rs 7.50 + GSTShortfall > 75%Rs 10 + GST(As mentioned on sbi.co.in)5.
However, SBI also offers certain accounts where MAB rules are not applicable.
These are known as zero balance savings accounts and do not require customers to maintain any particular minimum average balance.
Financial Inclusion accounts including PMJDY accounts, basic savings bank deposit accounts, Phela Kadam and Pheli Udaan accounts are some of SBI zero balance savings account.