SBI customers who do not maintain minimum monthly average balance are now required to pay the penalty. The penalty will be defined by the various aspects and these penalties will differ from one place to another location
SBI account holders are informed to maintain sufficient balance to avoid penalty charges and these charges will be applicable for every month
The penalty for insufficient balance is divided into 4 types based on your account
1. Metro
2. Rural
3. Urban
4. Semi-Urban
The savings account holder in Metro/Urban should maintain a monthly minimum balance of Rs. 3,000 if failing to maintain the penalty will be subjected to the metro/urban charges. The penalty charges will be Rs. 30-50
The account holders of semi-urban areas should maintain the monthly minimum balance of Rs. 2,000 and if failed to maintain you will be penalized as per semi-urban charges. The penalty charged will be Rs. 20-40
People who are having SBI account in rural area branches should maintain a monthly minimum of Rs. 1,000 in their account. If you failed to maintain sufficient amount you will be penalized as per rural area charges. The penalty for rural SBI branches is Rs. 20-40
Not all the SBI accounts will come with this penalties and few are exempted from this minimum monthly balance. SBI Basic savings account is free from the penalties and they do not require any minimum monthly balance in their account
