Maintain Minimum balance in SBI savings account to avoid the penalty

Know the details about the minimum balance in SBI savings account. If you don’t know about the minimum balance in SBI savings account then you may be in trouble. Because if you won’t maintain minimum balance they are going to charge you some fee as a penalty. So to avoid this you should maintain minimum balance in your SBI savings account.

minimum balance in SBI savings account

About SBI:

We know that SBI is one of the best banks in the banking sector in India. Its headquarters is in Mumbai. The present chairman of SBI is Rajnish Kumar.

Brief details on minimum balance in SBI savings account.

Below mentioned minimum balance is with effect from 1st Oct 2017.

Area Minimum Balance
Urban 3000
Rural 1000
Metro 3000
Semi Urban 2000

 

Penalty for Non Maintenance of Minimum Balance in Urban and Metro areas:

Minimum balance maintenance range Penalty
Maintenance of  more than 1500 and less than 3000 Rs.30 + GST
Maintenance of more than 750 and less than 1500 Rs.40 + GST
Maintenance of less than 750 Rs.50 + GST

 

Penalty for Non-Maintenance of Minimum Balance in Semi-Urban and Rural areas:

Minimum balance maintenance range Penalty
Maintenance of more than 1000 and less than 2000 Rs.20 + GST
Maintenance of more than 500 and less than 1000 Rs.30 + GST
Maintenance of less than 500 Rs.40 + GST

 

Below mentioned accounts are exempted from maintaining minimum balance in SBI savings account:

Basic savings bank accounts

Pensioners

Small accounts



SBI has clearly mentioned to all account holders that everyone has to maintain minimum balance in their savings accounts. So finally I want to say that always maintain minimum balance in SBI savings account so that you can avoid paying a penalty fee. Any suggestions or doubts on this you can leave in comments.

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