SBI or State Bank of India charges a penalty up to Rs. 100 (excluding GST of 18 per cent) per month for not maintaining the prescribed monthly average balance in savings bank accounts. Banks can levy charges for non-maintenance of minimum balance in normal savings accounts, as per Reserve Bank of India rules. Customers holding savings bank accounts in SBI's metro, urban, semi-urban and rural branches need to pay different penalty amounts for failing to comply with MAB or monthly average balance rules, according to SBI website. SBI, which accounts for more than a fifth of India's banking assets, has specified penalties ranging from Rs. 50 to Rs. 100 plus taxes depending upon the quantum of shortfall for its savings bank customers based on the four categories of branches.
For example, if your SBI savings bank account is in one of the metro city branches, you need to maintain a monthly average balance of Rs. 5,000. If the average balance maintained during a month comes out to be between zero and Rs.1,500, which is a shortfall of more than 75 per cent, a non-maintenance charge of Rs. 100 plus taxes will be levied, the bank said. In case the average balance remains within Rs. 1,500 and Rs. 2,500, which means a shortfall of less than 75 per cent and more than 50 per cent, a charge of Rs. 75 plus taxes will be levied, SBI has said.
However, for account holders in urban areas other than metros, semi-urban and rural areas, the MAB requirements are Rs. 3,000, Rs. 2,000 and Rs. 1,000 respectively. Here are the details of penalty for not maintaining MAB for these accounts.
How to avoid fine under SBI's minimum balance rules
ATM withdrawal charges
Beyond 4 withdrawals, if you withdraw money at branch then Rs. 50 plus taxes will be charged. Rs. 20 will be charged if you withdraw at other bank ATMs and Rs. 10 will be levied for withdrawing money at SBI ATMs beyond the 4 free withdrawals.
SBI ATM Transactions: Withdrawal Charges And Other Details Explained Here's How Much Balance You Need To Keep In Your SBI Savings Account To Avoid Penalty Minimum Balance You Need To Maintain In Your SBI Account Massive Worldwide Microsoft Outage: Flights, Markets, Stock Exchange Down CrowdStrike Falcon Sensor: The Culprit Behind World's Biggest IT Outage In 1st Statement After Outage, CrowdStrike CEO Says... Why Some People Are Happy When They Are Dying Triptii Dimri's Sheer White Dress Only Gave Good News To Fashion Fans "Attack On Constitution": Priyanka Gandhi Hits Out At Kanwar Yatra Order Track Latest News Live on NDTV.com and get news updates from India and around the world.