Here Is How Much Money You Need To Open A Savings Account In SBI
New Delhi: The State Bank of India (SBI) requires customers to maintain a certain minimum balance in its savings accounts.
The minimum balance requirement of SBI varies according to the location of the SBI branch in which a customer opens his account. With effect from this financial year, SBI had reduced the penalty for non-maintenance of the average monthly balance in savings accounts, after it faced a backlash for earning a huge amount from such penalties, according to a report, published in NDTV Profit on Tuesday.
SBI has four types of branches like, metro, rural, urban and semi-urban. The minimum balance requirements and charges for insufficient balance vary according to the branch type.
In metro and urban SBI branches, customers are required to maintain an average monthly balance (AMB) of Rs 3,000. In semi-urban SBI branches, customers have to maintain an average monthly balance of Rs 2,000. In rural SBI branches, customers have to maintain an average monthly balance of Rs 1,000.
The latest average monthly balance rules for savings accounts of SBI came into effect on April 1, 2018.
For SBI accounts in metro and urban branches, customers who maintain a balance equal to or less than Rs 1,500 are charged Rs 10 per month plus the applicable GST rate. If their average monthly balance is less than 50-75 per cent of the required monthly balance, they will have to pay Rs 12 per month plus GST. If the balance falls below 75 per cent of Rs 3,000, SBI charges a penalty of Rs 15 per month plus GST.
For SBI accounts in semi-urban branches, if the average monthly balance falls short by up to or less than Rs 1,000 of Rs. 2,000, SBI charges Rs 7.50 per month plus GST. If your monthly average balance is less than 50-75 per cent of Rs 2,000, the penalty is Rs 10 per month plus GST. If the minimum average balance falls short of 75 per cent, the charge is Rs 12 plus GST.
For SBI accounts in rural branches, if your average monthly balance falls short by up to or less than Rs 500 of Rs 1,000, the penalty levied is Rs 20 per month plus GST. If the shortfall in average monthly balance is less than 50-75 per cent, SBI charges Rs 7.50 plus GST. If the shortfall is less than 75 per cent, SBI levies a penalty of Rs 10 plus GST.
The digital savings account and insta savings account, which are opened via SBI YONO app, require zero minimum balance till March 31, 2019 and August 2018 respectively.
