SBI Minimum Balance Latest Rules came into effect on April 1, 2018. SBI took a decision to reduce its penalty charges up to 75% for keeping insufficient average minimum balance in savings bank accounts. How much penalty you will have to pay, it depends on the type of branch and degree of the shortfall. As per SBI, this move will benefit 25 crores SBI customers.
In April 2007, SBI reintroduced the penal charges on non-maintenance of average monthly balance, after a gap of five years. Later in October, the bank had revised and reduced the charges to some extent. Now, again in April 2018, the bank decided to revise & reduce the charges further.
SBI Minimum Balance Latest Rules are a result of the decision which SBI took to revise the charges for non-maintenance of required average monthly balance in savings bank accounts by keeping in view of the feedback received from various stakeholders.
SBI Minimum Balance Latest Rules:
- From April 1, you will be paying a maximum of Rs.15 per month plus GST instead of Rs.50 per month plus GST for non-maintenance of minimum balance in metro and urban bank branches.
- For semi-urban and rural centres, the charges which you will be paying is Rs.12 per month plus GST Rs. 10 per month plus GST instead of Rs. 40 per month respectively.
- SBI Minimum Balance Latest Rules will definitely reduce the fee income of SBI.
- However, SBI has not reduced the required monthly average balance (MAB) in savings bank accounts.
- As SBI savings bank account holder, you need to maintain Rs.3,000 as MAB in metro branches, Rs.2,000 in semi-urban branches; and, Rs. 1,000 in rural branches.
- If you wish to avail basic savings bank facilities without being subject to maintenance of average monthly balance rules, you can always convert your regular SBI savings bank account to a basic savings bank account at no cost or free of charge.
Tabular Form of SBI Minimum Balance Latest Rules: