INSUBCONTINENT EXCLUSIVE:
SBI (State Bank of India) raised its FD interest rates with efect from Monday.SBI or State Bank of India, the country's largest lender,
offers a solution to most banking needs
SBI offers savings, recurring and fixed deposit (FD) accounts to its 42.42 crore customers as on March 31, 2018
SBI also offers zero balance savings accounts, which do not require any particular minimum balance to be maintained by the customer
Besides, SBI also offers a savings accounts facility across its metro, urban, semi-urban and rural branches
Minimum balance requirements and penalties across all these savings accounts vary depending on branch location.Given below is everything
that you may want to know about popular SBI (State Bank of India) services:SBI monthly average balance (MAB) or minimum balance requirements
in savings accountsSBI requires its savings bank account customers to maintain an average monthly balance in the range of Rs
3,000 across its four types of branches: urban, rural, semi-urban and metro
If the customer holds a savings bank account at an SBI branch located in a metropolitan city, he or she is required to maintain an average
3,000 and above, according to SBI's corporate website, sbi.co.in
Similarly, in semi-urban and rural SBI branches, savings bank account holders are required to maintain a minimum balance - or average
1,000 respectively.SBI penalty for insufficient balanceIf a customer fails to maintain this monthly average balance, SBI charges a penalty
The amount of penalty varies on the basis of branch location.For SBI accounts in metro and urban branches: Customers who maintain a balance
10 per month plus the applicable GST (Goods and Services Tax) rate
If their average monthly balance is less than 50-75 per cent of the required monthly balance, they will have to pay Rs
If the balance falls below 75 per cent of Rs
3,000, SBI charges a penalty of Rs
15 per month plus GST.For SBI accounts in semi-urban branches: If your average monthly balance falls short by up to or less than Rs
If your monthly average balance is less than 50-75 per cent of Rs
2,000, the penalty levied is Rs
If the minimum average balance falls short of 75 per cent, the charge is Rs
12 plus GST.For SBI accounts in rural branches: If your average monthly balance falls short by up to or less than Rs
1,000, the penalty levied is Rs
If the shortfall in average monthly balance is less than 50-75 per cent, SBI charges Rs
If the shortfall is less than 75 per cent, SBI levies a penalty of Rs
10 plus GST.Fixed deposit interest rates (FD interest rates) of SBI on deposits below Rs 1 croreThe following FD interest rates are
applicable for general public on retail fixed deposits (below Rs 1 crore) with effect from Monday:(All figures in % per annum)TenorsExisting
28.05.2018Revised For Public w.e.f
30.07.20187 days to 45 days5.755.7546 days to 179 days6.256.25180 days to 210 days6.356.35211 days to less than 1 year6.46.41 year to less
interest rates are applicable for senior citizens on retail fixed deposits (below Rs 1 crore) with effect from 30.07.2018(All figures in %
per annum)TenorsExisting for Senior Citizens w.e.f
28.05.2018Revised for Senior Citizens w.e.f
30.07.20187 days to 45 days6.256.2546 days to 179 days6.756.75180 days to 210 days6.856.85211 days to less than 1 year6.96.91 year to less
accountSBI offers a basic savings bank deposit account facility under which there is no requirement for maintenance of any minimum balance
This means that even if customers have insufficient balance in this account, no penalty will be levied on them.SBI also offers digital
savings and insta savings accounts which can be opened via its YONO app
Both of them have zero minimum balance requirements under special offers.Recurring deposit (RD) interest rates of SBIRecurring deposit or RD
interest rates of SBI are the same as that on FDs
Thus, fresh recurring deposit interest rates of SBI kicked in from Monday.SBI savings account interest ratesFor saving deposits balance up
to Rs 1 crore, SBI deposits fetch an interest rate of 3.50 per cent per annum while saving deposits balance above Rs 1 crore, fetch 4 per
annum.SBI debit card chargesIf customers lose their debit card and need a fresh one, SBI charges Rs
300 (plus GST) as debit card replacement charges, according to the bank's website.
