SBI or State Bank of India charges a penalty up to Rs. 100 (excluding GST of 18 per cent) per month for not maintaining monthly average balance in savings bank accounts. Banks can levy charges on non-maintenance of minimum balance in normal savings accounts. Customers holding SBI savings bank accounts in metro, urban, semi-urban and rural branches need to pay different penalty amounts for non-maintenance of MAB (monthly average balance), according to SBI website. SBI has specified penalty for various ranges of shortfall for its savings bank customers, according to the four categories of branches.
(Read:SBI ATM Withdrawal, Cheque Book, Other Transaction Charges. Details Here)
(Also Read: SBI Offers Home Loan At 8.35%: Five Things To Know)
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.
SBI Recruitment 2024: Registration Begins For 1,040 Specialist Cadre Officers SBI Officer Arrested For Facilitating Accounts For Cyber Criminals Challa Sreenivasulu Setty Appointed As Next SBI Chairman Woman On Scooter With 2 Kids Punched, Left Bleeding In Pune Road Rage Case After Retest, Haryana NEET Centre With Most Top Scorers Gave This Result... What Recovery Of Austrian Gun 'Steyr AUG' From J&K Terrorists Means "Fully Focused On Ensuring Safety Of Indians In Bangladesh": S Jaishankar Goods Train Derails in UP's Amroha, 15 Trains Cancelled Or Diverted BJP Will Protect Tribal Lands If Voted To Power: Amit Shah In Jharkhand Track Latest News Live on NDTV.com and get news updates from India and around the world.