SBI Minimum Balance Requirement for Saving Bank Account and Penalty Charges

SBI is India’s largest Bank with 23% market share, SBI has around 18,354 branches in India. The wide network of the State Bank of India even in remote areas of the country makes it one of the most popular bank in the country.  SBI provides more ATM machines as compare to others private and public sector bank, is a bounce point of it. Here you will know about SBI Minimum Balance Requirement for Saving account.

Nowadays every SBI account holder must maintain the Monthly Average Balance in their account. If any customer does not keep it (MAB) then SBI will charge for not maintain the average balance. SBI Monthly average Balance limit is different for different-different locations.

SBI has already specified the Minimum Average Balance rules according to the branches, SBI has divided the branches into 4 types, that are Metro, Urban, Semi-Urban, and Rural. The rule of Minimum Average Balance and it’s penalties differ from branch to branch.

SBI Minimum Balance Requirement

Here is the detailed explanation of MAB (Minimum Average Balance) and it’s penalties charges.

SBI Minimum Balance Requirement for Savings Account

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Metro and Urban Branch

Any person that holding a Saving Account in the Metro City or In an Urban City branch has to keep INR 3000 as the Monthly Average Balance (MAB). Before April 2018 the penalty charges were high as compared to now, it’s decreased by around  70%.

Average Monthly Balance Requirement is Rs. 3000 for Metro and Urban Branch’s account holder.

Penalty charges for non-maintenance average balance in Metro and Urban Branch 

If your shortfall is equal or less than 50% of the monthly average balance then you will be charged Rs.10+ GST monthly.

If your shortfall is more than 50% and less then 75% then you will be charged Rs.12 + GST monthly by SBI

If your shortfall is more than 75%  of the monthly average balance requirement then you will be charged Rs.15 + GST

ConditionPenalty Charges
Shortfall equal or less than 50%Rs.10+ GST
Shortfall more than 50% and less then 75%Rs.12 + GST
Shortfall more than 75%  Rs.15 + GST

Semi-Urban Branch

If your SBI account in Semi-Urban Branch then your Monthly Average Balance Requirement is Rs.2,000

Penalty charges for non-maintenance monthly average balance in Semi-Urban Branch

If your shortfall is equal or less than 50% then SBI will charge Rs.7.5 +GST

If your shortfall is more than 50% and less than 75% then SBI will charge Rs.10 + GST as a penalty

If your shortfall is more than 75% of the monthly average balance requirement then SBI will charge Rs.12 +GST as a penalty

ConditionPenalty Charges
Shortfall equal or less than 50%Rs.7.5 +GST
Shortfall more than 50% and less than 75% Rs.10 + GST
Shortfall more than 75%Rs.12 +GST

Rural Branch

Now let’s talk about Rural areas, If your account is in Rural Branch then your Monthly Average Balance Requirement is Rs.1,000

Penalty Charges For Non-Maintenence Monthly Average Balance in Rural Branch 

If your shortfall is more than 75% of the monthly average balance requirement then SBI will charge Rs.5 + GST.

If your shortfall is more than 50% and less than 75% then SBI will charge Rs.7.5 + GST for non-maintenance Average Balance.

If your shortfall is more than 75% of the monthly average balance requirement then SBI will charge Rs.10 + GST

ConditionPenalty Charges
Shortfall is more than 75% Rs.5 + GST
Shortfall is more than 50% and less than 75% Rs.7.5 + GST
Shortfall is more than 75% Rs.10 + GST

No Minimum Average Balance Account – SBI also provides an account there is no need to maintain monthly average balance, that is called SBI Basic Savings Account.

Conclusion

Here you learned about SBI Minimum Balance Requirement, I hope you have understood all conditions. SBI is the biggest bank in India, SBI has lots of ATM machine and this is a bonus point of SBI. If you have any question to related this post then please ask me via comment box.

More about SBI – 

About Pradeep Singh

I Am Founder of LogicalDost.com I Always Love to Learn And Share About Technology. I Blogging With Passion and it's a Way to Become an Entrepreneur For Me. I Belong to a Middle-Class Family From Churu Rajasthan (India)

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One Comment on “SBI Minimum Balance Requirement for Saving Bank Account and Penalty Charges”

  1. Usually, I never comment on blogs but your article is so convincing that I never stop myself to say something about it. You’re doing a great job Man. Best article I have ever read

    Keep it up!

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