INSUBCONTINENT EXCLUSIVE:
An SBI savings bank account can be opened either with or without a cheque book facility
SBI or State Bank of India provides a host of services under its personal
SBI, the country's largest bank, currently offers a rate of interest of 3.5 per cent on balance up to Rs 1 crore in its savings bank
accounts - which can be opened either with or without a cheque book facility
SBI savings bank accounts have certain minimum balance or monthly average balance (MAB) requirements
SBI has set certain monthly average balance for its customers holding savings accounts with the bank
SBI charges a certain penalty for those customers who fail to meet the minimum balance criteria
This penalty levied by SBI, India's largest bank, depends upon the type of branch and degree of shortfall
SBI has said that the movie will benefit 25 crore of its customers.SBI savings bank account interest rateFor balances up to Rs 1 crore, SBI
offers an interest rate of 3.5 per cent per annum, according to its website - sbi.co.in
For balances above Rs 1 crore, SBI offers an interest rate of 4 per cent, it noted.SBI minimum balance requirementSBI has classified its
branches into four types - rural, urban, semi-urban and metro
As per its latest rules, customers holding a savings bank account with a metro or urban SBI branch are required to maintain a monthly
average balance of Rs 3,000
Those holding savings bank accounts in semi-urban and rural branches are required to maintain Rs 2,000 and Rs
1,000 respectively.Penalty for keeping insufficient balance in SBI savings bank accountFrom this month, SBI has revised its penalty charges
for failing to meet its prescribed minimum balance rules
GSTMetro/urban branchesThe charges for non-maintenance of minimum balance in metro and urban bank branches have been reduced from a maximum
50 per month plus goods and services tax (GST) to Rs
15 per month plus GST, according to SBI.Semi-urban, rural branchesFor semi-urban and rural bank branches, the charges have been reduced from
40 per month plus GST to Rs
10 per month plus GST respectively, according to SBI's press release dated March 13.
