INSUBCONTINENT EXCLUSIVE:
SBI levies a penalty from its customers failing to comply with its monthly average balance rulesSBI or State Bank of India has set certain
rules applicable to its savings account customers
Individuals holding regular savings accounts with SBI are required to maintain a monthly average balance (MAB) to the tune of Rs
Customers failing to meet the minimum balance, or MAB, requirements in a month attract certain penalty charges, depending upon factors such
as branch location and degree of shortfall from the required average.Customers holding savings accounts in SBI's metro and urban branches
are required to maintain an average balance of Rs 3,000 in a month to avoid penalty charges, according to the bank's website
Those with the regular savings accounts in semi-urban and rural SBI branches are required to meet a monthly average balance of Rs 2,000 and
Rs 1,000 respectively, it noted.Metro and urban SBI branchesThe banking major charges a penalty amount ranging from Rs 10 plus GST (goods
and services tax) to Rs 15 plus GST to customers failing to comply with the MAB rules in its metro and urban branches, according to the SBI
12 + GSTShortfall > 75%Rs
7.50 + GSTShortfall > 75%Rs 10 + GST(SBI levies a penalty from its customers failing to comply with its monthly average balance
rules)Semi-urban SBI branchesSBI charges a penalty amount from Rs 7.5 plus GST to Rs 12 plus GST for its customers failing to comply with
the minimum balance or MAB rules in semi-urban branches, according to the bank's website.Rural SBI branchesFor customers holding regular
savings accounts in rural branches, SBI has set penalty charges to the tune of Rs 5-10 plus GST for non-compliance with the monthly average
