Here’s How Much SBI Charges For Non-Maintenance Of Minimum Balance

Here’s How Much SBI Charges For Non-Maintenance Of Minimum Balance

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 centres

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SBI customers who have accounts in metro and urban centres are required to maintain an average monthly balance of Rs. 3,000. 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. If the balance falls below 75 per cent of the AMB, SBI charges a penalty of Rs. 15 per month plus GST rate.

Metro &Urban (AMB= Rs. 3000/- Charges p.m
Shortfall < = 50% Rs. 10/- +GST
Shortfall > 50 – 75% Rs. 12/- +GST
Shortfall > 75% Rs. 15/- +GST
Semi-Urban (AMB Rs. 2000/-)
Shortfall < = 50% Rs. 7.50 +GST
Shortfall > 50 – 75% Rs. 10.00 +GST
Shortfall > 75% Rs.12.00+GST
Rural (AMB) Rs. 1,000/-)
Shortfall < = 50% Rs. 5.00 +GST
Shortfall > 50 – 75% Rs. 7.50 +GST
Shortfall > 75% Rs. 10.00 +GST

SBI customers with accounts in semi-urban centres

Customers 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. 10 per month plus GST. 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 centres

Customers who belong to rural centres require maintaining a minimum balance of Rs. 1,000. 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.7.50 plus GST. If the shortfall is less than 75 per cent, SBI levies a penalty of Rs. 10 plus GST, said SBI.

Source:- ndtv
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