Published On: Mon, May 22nd, 2017

SBI Minimum Balance On Savings Bank Accounts: How Much Fine You Have To Pay

SBI requires its savings bank account holders in metros to maintain a monthly average balance of Rs 5,000

SBI or State Bank of India is charging a fine on savings bank account customers not meeting the average monthly balance requirement. The amount of penalty for non-compliance with the monthly average balance or MAB requirement is based on customer location – metro, urban, semi-urban and rural. This was said by India’s largest bank SBI on Twitter while specifying various ranges according to which it will levy the charges. Charges levied for not maintaining the minimum balance depend upon how much the average balance in the account is below the agreed minimum, said SBI, which has introduced minimum balance requirement in savings accounts from April 1. SBI also unveiled a new identity after merging its operations with six other banks recently

[Source”cnbc”]