SBI minimum account balance and penalty charges: Key things to know

Country's largest lender State Bank of India (SBI) is revising its service charges from 1st October 2019. Maintenance of average monthly balance (AMB) charges are different for metro, semi-urban and rural areas. Currently, the metro and urban centre branches, the requirement of AMB is ₹3,000. For someone not maintaining ₹3,000, with a shortfall of less than or equal to 50%, will be charged ₹10 plus GST. The penalty for non-maintenance of minimum balance in a metro or urban centre branches of SBI with a shortfall 50-75% and more than 75% will be ₹12 and ₹15 plus GST, respectively.

For semi-urban branches, the minimum balance in the account should be ₹2,000. SBI will also charge penalty if someone fails to maintain this balance. The penalty will range from ₹7.50 to ₹12 plus GST

A customer having an account in the rural areas have to maintain an average minimum balance of ₹1,000 in his/her account. For someone not maintaining ₹1,000, with a shortfall of less than or equal to 50%, will be charged ₹5 plus GST. The penalty for non-maintenance of minimum balance in a rural centre branches of SBI with a shortfall 50-75% will be charged ₹7.50% plus GST and more than 75% will be charged ₹10 plus GST, respectively.

Currently, the charges per month for average monthly balance (AMB) are levied on SBI savings bank account including Surabhi SB (excluding All Salary Package Accounts, No Frill Accounts, Basic Savings Bank Deposit, Small & PMJDY accounts).

SBI had reintroduced penalty on non-maintenance of minimum balance in accounts on 1 April 2017. As on 31 March, 2019, the number of SBI customers using internet banking are more than 6 crores and mobile banking services stands at 1.41 crore.

SBI also revised their export related service charges effective 1 September. This has been done to improve the ease of doing business and provide clear visibility of cost structure to exporters.

Earlier, SBI had waived off Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) charges for its app YONO, internet and mobile banking customers.

State Bank of India