INSUBCONTINENT EXCLUSIVE:
Customers failing to meet the AMB requirements in a month have to bear certain penalty charges.SBI or State Bank of India, the country's
largest lender, requires customers to maintain an average monthly balance (AMB) in their savings bank accounts
Average Monthly Balance (AMB) is the minimum average of deposits required by the bank customers in their savings bank accounts
Customers failing to meet the AMB requirements in a month have to bear certain penalty charges
The amount of penalty varies on the basis of branch location
However, there are certain accounts where AMB rules are not applicable
These accounts are called as zero balance savings accounts, said SBI.SBI customers with accounts in metro/urban centresSBI customers who
have accounts in metro and urban centres are required to maintain an average monthly balance of Rs
Customers who maintain a balance equal to or less than 50 per cent of the required monthly balance are charged Rs
10 per month plus the applicable GST (Goods and Services Tax) rate, said SBI
If their average monthly balance is less than 50-75 per cent of the AMB, customers are charged Rs
12 per month plus GST rate
3000/-Charges p.mShortfall < = 50%Rs
10/- +GSTShortfall > 50 - 75%Rs
12/- +GSTShortfall > 75%Rs
15/- +GSTSemi-Urban (AMB Rs
5.00 +GSTShortfall > 50 - 75%Rs
7.50 +GSTShortfall > 75%Rs 10.00 +GST(As mentioned on SBI's corporate website - sbi.co.in)SBI customers with accounts in semi-urban
centresCustomers with accounts in semi-urban areas are required to maintain an average monthly balance of Rs 2,000
If the balance falls short by up to or less than 50 per cent of the required AMB, SBI charges Rs
7.50 per month plus GST rate
If the monthly average balance is less than 50-75 per cent of Rs
2,000, the penalty charged is Rs
If the balance falls below 75 per cent of the AMB, the bank charges a penalty of Rs
12 plus GST.SBI customers with accounts in rural centresCustomers who belong to rural centres require maintaining a minimum balance of Rs
If the average monthly balance falls short by up to or less than Rs
500, the penalty levied is Rs
20 per month plus GST rate
If the balance is less than 50-75 per cent of the AMB required maintaining, SBI charges Rs
If the shortfall is less than 75 per cent, SBI levies a penalty of Rs
