INSUBCONTINENT EXCLUSIVE:
SBI minimum balance rules: SBI this year slashed minimum balance penalty charges for customers.State Bank of India (SBI), the largest lender
of the country, levies certain charges on customers failing to meet its MAB or monthly average balance rules applicable to savings accounts
However, at the same time, it also provides several savings accounts which do not require the customer to maintain any particular minimum
account 2018SBI accounts are divided on the basis of locations into four categories of branches: metro, urban, semi-urban and rural
The average monthly balance (AMB) requirements of SBI savings accounts vary on the basis of branch type.Customers holding savings accounts
in SBI's metro and urban branches are required to maintain an average monthly balance of Rs 3,000
Those holding the savings accounts in semi-urban and rural branches are required to maintain average monthly balances of Rs 2,000 and Rs
and urban savings account is less than or equal to 50 per cent of the required AMB, the penalty charge is Rs 10 + GST (Goods and Services
Tax), according to the bank's website - sbi.co.in
If the shortfall is more than 50-75 per cent of the required AMB, SBI levies a penalty of Rs 12 + GST
If the shortfall in the account is more than 75 per cent of AMB, the charge levied is Rs 15 + GST.SBI minimum balance penalty charges on
semi-urban accountsIf the shortfall in a semi-urban account is less than or equal to 50 per cent of the required AMB, SBI charges Rs 7.50+
If shortfall in the account is more than 50-75 per cent of the required monthly average balance, the penalty levied is Rs 10 + GST
If shortfall in the account is more than 75 per cent of the required AMB, SBI charges a penalty of Rs 12 + GST
per cent of the required AMB, the lender charges Rs 5 + GST
If the existing amount maintained in the account is less than 50-75 per cent of the required AMB, SBI levies a penalty of Rs 7.50 + GST
balancePenalty charges (excluding GST) for non-maintenance of required AMBMetro and urban 50-75%Rs 12>75%Rs 15Semi-Urban 50-75%Rs 10>75%Rs
12Rural 50-75%Rs 7.5>75%Rs 10(Source: sbi.co.in)Zero balance SBI savings accounts - savings accounts that do not require maintenance of a
particular minimum balanceThe requirement to maintain a monthly average balance is not applicable to thefollowing categories:Savings
accounts opened for the purpose of financial inclusion including Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts: The Pradhan Mantri
Jan-Dhan Yojana (PMJDY) ensures access of various financial services to weaker sections and low-income groups, according to the SBI website
SBI savings accounts opened under the scheme are absolved of minimum balance requirements.No frill accounts - Customers opening no frill
accounts cannot maintain balances exceeding Rs 50,000.Salary Package accounts - SBI offers an entire range of salary accounts for varied
sectors, such as central government, state government, defence forces, paramilitary forces, police forces, corporates and institutions.Basic
Savings Bank Deposit accounts: BSBD accounts target poor sections of society to encourage them to start saving without any burden of charges
This account can be opened by any individual provided he/she has valid KYC (know your customer) documents
KYC norms help banks verify the identity of their customers.BSBDA- Small Accounts: This type of savings account can be opened by any
individual above 18 years of age
The person need not submit officially valid KYC documents.Pehla Kadam and Pehli Udaan accounts: Both these accounts are meant for minors
Pehla Kadam SBI accounts are jointly opened with the parent/guardian
Pehli Udaan SBI accounts can be opened by minors above the age of 10 years and who can sign uniformly
This account can be opened in the sole name of the minor.Minors up to the age group of 18, pensioners under all categories, recipients of
social security welfare benefits, who receive direct benefits (cash transfers) in their accounts, and students up to the age of 21 years,
are not required to maintain any minimum balance in SBI savings accounts.
