For SBI account holders in urban areas other than metros, semi-urban and rural areas, the monthly average balance requirements are Rs. 3,000, Rs. 2,000 and Rs. 1,000 respectively.
For example, if your SBI savings bank account is in one of the metro city branches, you need to maintain a monthly average balance of Rs. 5,000. Also, if the average balance maintained during a month comes out to be between zero and Rs. 1,500, or a shortfall of more than 75 per cent, a non-maintenance charge of Rs. 100 plus taxes will be levied. In case the average balance remains within Rs. 1,500 and Rs. 2,500, which means a shortfall of less than 75 per cent and more than 50 per cent, a charge of Rs. 75 plus taxes will be levied, SBI has said.
Meanwhile, for savings accounts with average balance of more than Rs. 2,500, SBI will charge a penalty of Rs. 50, plus taxes.
However, for account holders in urban areas other than metros, semi-urban and rural areas, the MAB requirements are Rs. 3,000, Rs. 2,000 and Rs. 1,000 respectively. Here are the details of penalty for not maintaining MAB for these accounts.
How to avoid fine under SBI’s minimum balance rules
“A regular review of your account will help you to ensure the average monthly balance is maintained and avoid the minimal charges,” SBI has said on microblogging site Twitter.
Courtesy : Thinkur
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