SBI has increased the Monthly Average Balance (MAB) requirement to as high as Rs.5,000.00 for branches in six metros. For urban and semi-urban branches, the MAB is Rs.3,000.00 and Rs.2,000.00 respectively. In case of rural branches, the MAB is Rs.1,000.00. If you have a Saving Account of SBI, and, your SBI Minimum Balance drops, you will invite a penalty ranging from Rs.20.00 plus ST to Rs.100.00 plus ST depending upon your branch locality. However, these new rates effective from April 01, 2017 are not applicable on Surabhi Accounts, Basic Saving Bank Accounts and PM Jan Dhan Yojana Accounts.
How Much Penalty you will have to Pay, if SBI Minimum Balance in Saving Account drops?
A regular review of your account will help you to ensure the MAB; hence, you will be able to avoid the penalty. The only way to avoid penalty is by maintaining SBI Minimum Balance in your SBI Saving Account.
- The charges are levied only on non-maintenance of the MAB.
- Reserve Bank of India has permitted the charges across the industry to help banks provide better services to the customers.
Other Increased Charges by SBI:
- Locker: Besides, the bank has increased locker rent and curtailed number of free locker usage in a year. After usage 12 times, the customer has to pay Rs.100.00 plus service tax applicable for operating your locker.
- Cheque Book: As far as cheque books are concerned, for a current account holder, the first 50 cheques are free in a financial year; thereafter, it will cost Rs.3.00 per leaf. So, 25-leaf Cheque Book now will cost you Rs.75.00 plus service tax; and 50-leaf Cheque Book will cost you Rs.150.00 plus service tax.
- Opening Fee: SBI will now charge Rs.20.00 for opening fee including enrollment for savings account among other various charges that the bank has raised.
If you maintain Rs.25,000.00 in your SBI savings account, then you can use ATM for unlimited number of times. However, the charges of ATM usage over allowed 5 times will attract charges as prescribed by RBI.